Principal Financial Group Inc. Sells 7,873 Shares of California Water Service Group (NYSE:CWT)

Principal Financial Group Inc. decreased its holdings in California Water Service Group (NYSE:CWT) by 2.8% in the third quarter, Holdings Channel reports. The firm owned 277,595 shares of the utilities provider’s stock after selling 7,873 shares during the quarter. Principal Financial Group Inc.’s holdings in California Water Service Group were worth $15,051,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Arizona State Retirement System boosted its holdings in California Water Service Group by 1.8% in the second quarter. Arizona State Retirement System now owns 16,147 shares of the utilities provider’s stock worth $783,000 after purchasing an additional 287 shares during the last quarter. Creative Financial Designs Inc. ADV raised its stake in California Water Service Group by 2.7% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 12,041 shares of the utilities provider’s stock valued at $653,000 after buying an additional 316 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of California Water Service Group by 255.6% in the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after buying an additional 363 shares during the last quarter. Glenmede Trust Co. NA grew its holdings in shares of California Water Service Group by 8.4% in the third quarter. Glenmede Trust Co. NA now owns 5,026 shares of the utilities provider’s stock worth $273,000 after acquiring an additional 390 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in California Water Service Group by 0.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,767 shares of the utilities provider’s stock valued at $3,512,000 after acquiring an additional 407 shares during the last quarter. 82.78% of the stock is owned by institutional investors.

California Water Service Group Stock Performance

Shares of CWT opened at $45.63 on Friday. The business has a 50-day simple moving average of $49.90 and a two-hundred day simple moving average of $51.43. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $56.25. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 13.19 and a beta of 0.50.

California Water Service Group (NYSE:CWT) last released its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The firm had revenue of $299.60 million for the quarter, compared to the consensus estimate of $289.55 million. During the same quarter in the previous year, the business posted $0.60 EPS. California Water Service Group’s revenue was up 17.5% on a year-over-year basis. On average, analysts expect that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Tuesday, November 12th. California Water Service Group’s dividend payout ratio (DPR) is 32.37%.

Insider Activity at California Water Service Group

In related news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction that occurred on Friday, November 22nd. The stock was 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 of the company’s stock, valued at approximately $1,048,231. This trade represents a 4.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.73% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on CWT shares. Bank of America started coverage on California Water Service Group in a research report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 target price on the stock. StockNews.com downgraded shares of California Water Service Group from a “hold” rating to a “sell” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, California Water Service Group presently has a consensus rating of “Hold” and an average target price of $54.50.

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.