Jennison Associates LLC Buys Shares of 27,609 California Water Service Group (NYSE:CWT)

Jennison Associates LLC purchased a new position in shares of California Water Service Group (NYSE:CWT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 27,609 shares of the utilities provider’s stock, valued at approximately $1,252,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Blue Trust Inc. lifted its holdings in California Water Service Group by 255.6% in the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 363 shares during the period. GAMMA Investing LLC raised its position in shares of California Water Service Group by 50.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,236 shares of the utilities provider’s stock worth $67,000 after buying an additional 413 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of California Water Service Group during the 3rd quarter worth about $119,000. CWM LLC raised its position in shares of California Water Service Group by 129.1% during the 3rd quarter. CWM LLC now owns 3,090 shares of the utilities provider’s stock worth $168,000 after buying an additional 1,741 shares in the last quarter. Finally, Old Port Advisors bought a new stake in shares of California Water Service Group during the 3rd quarter worth about $202,000. Institutional investors own 82.78% of the company’s stock.

Insider Buying and Selling

In other news, VP Michael B. Luu sold 985 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total transaction of $50,727.50. Following the sale, the vice president now owns 20,354 shares in the company, valued at $1,048,231. The trade was a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.73% of the company’s stock.

California Water Service Group Stock Down 0.6 %

NYSE CWT opened at $44.29 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. The company’s 50 day simple moving average is $45.72 and its 200 day simple moving average is $50.44. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $56.25. The company has a market capitalization of $2.63 billion, a P/E ratio of 12.80, a PEG ratio of 0.46 and a beta of 0.52.

California Water Service Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Monday, February 10th will be issued a $0.30 dividend. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Monday, February 10th. California Water Service Group’s payout ratio is presently 34.68%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CWT. Bank of America began coverage on shares of California Water Service Group in a research report on Wednesday, December 11th. They set a “buy” rating and a $57.00 price target on the stock. StockNews.com downgraded shares of California Water Service Group from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Wells Fargo & Company upgraded shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $56.00 to $52.00 in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $53.25.

California Water Service Group Company Profile

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services.