Sovereign Financial Group Inc. Sells 687 Shares of California Water Service Group (NYSE:CWT)

Sovereign Financial Group Inc. cut its holdings in California Water Service Group (NYSE:CWT) by 5.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,886 shares of the utilities provider’s stock after selling 687 shares during the quarter. Sovereign Financial Group Inc.’s holdings in California Water Service Group were worth $552,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CWT. AdvisorNet Financial Inc lifted its holdings in shares of California Water Service Group by 42.2% during the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 220 shares in the last quarter. TFO Wealth Partners LLC lifted its stake in California Water Service Group by 57,000.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,142 shares of the utilities provider’s stock valued at $59,000 after acquiring an additional 1,140 shares during the period. Signaturefd LLC boosted its holdings in shares of California Water Service Group by 77.6% during the 4th quarter. Signaturefd LLC now owns 1,891 shares of the utilities provider’s stock valued at $98,000 after acquiring an additional 826 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of California Water Service Group by 93.3% during the 4th quarter. Quadrant Capital Group LLC now owns 3,748 shares of the utilities provider’s stock valued at $194,000 after acquiring an additional 1,809 shares during the last quarter. Finally, Boston Family Office LLC purchased a new position in shares of California Water Service Group during the fourth quarter valued at approximately $200,000. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Robert W. Baird raised their target price on shares of California Water Service Group from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Finally, UBS Group raised California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 target price on the stock in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $54.25.

California Water Service Group Stock Up 0.8 %

CWT opened at $48.32 on Friday. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $54.85. The firm’s 50 day simple moving average is $49.50 and its two-hundred day simple moving average is $48.29. The company has a current ratio of 0.56, a quick ratio of 0.52 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $2.79 billion, a PE ratio of 19.33 and a beta of 0.48.

California Water Service Group (NYSE:CWT) last announced its earnings results on Thursday, April 25th. The utilities provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $1.00. California Water Service Group had a return on equity of 10.09% and a net margin of 15.42%. The company had revenue of $270.75 million for the quarter, compared to analysts’ expectations of $183.85 million. During the same period last year, the firm earned ($0.40) EPS. California Water Service Group’s revenue for the quarter was up 106.5% compared to the same quarter last year. As a group, equities analysts forecast that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. California Water Service Group’s dividend payout ratio (DPR) is presently 44.80%.

Insider Buying and Selling

In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $53.26, for a total transaction of $29,559.30. Following the transaction, the director now owns 23,318 shares of the company’s stock, valued at $1,241,916.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Thomas M. Krummel sold 2,220 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total value of $111,000.00. Following the completion of the transaction, the director now owns 23,873 shares of the company’s stock, valued at $1,193,650. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $53.26, for a total value of $29,559.30. Following the sale, the director now directly owns 23,318 shares in the company, valued at approximately $1,241,916.68. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by insiders.

California Water Service Group 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.