Kingswood Wealth Advisors LLC Acquires Shares of 6,925 California Water Service Group (NYSE:CWT)

Kingswood Wealth Advisors LLC bought a new position in shares of California Water Service Group (NYSE:CWT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 6,925 shares of the utilities provider’s stock, valued at approximately $314,000.

Other institutional investors have also recently modified their holdings of the company. Squarepoint Ops LLC boosted its position in California Water Service Group by 282.4% during the second quarter. Squarepoint Ops LLC now owns 24,932 shares of the utilities provider’s stock worth $1,209,000 after purchasing an additional 18,412 shares in the last quarter. AQR Capital Management LLC acquired a new stake in California Water Service Group in the 2nd quarter valued at $804,000. Millennium Management LLC purchased a new stake in California Water Service Group in the 2nd quarter worth $2,761,000. The Manufacturers Life Insurance Company raised its position in California Water Service Group by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 31,555 shares of the utilities provider’s stock worth $1,530,000 after acquiring an additional 539 shares during the period. Finally, Algert Global LLC purchased a new position in California Water Service Group during the second quarter valued at $282,000. 82.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Michael B. Luu sold 985 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the transaction, the vice president now directly owns 20,354 shares in the company, valued at approximately $1,048,231. This represents a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in 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. Bank of America initiated coverage on California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price for the company. Finally, Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, California Water Service Group has an average rating of “Hold” and a consensus price target of $53.25.

California Water Service Group Price Performance

NYSE:CWT opened at $45.47 on Friday. California Water Service Group has a one year low of $41.64 and a one year high of $56.25. The stock has a market cap of $2.70 billion, a PE ratio of 13.14, a P/E/G ratio of 0.45 and a beta of 0.52. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a 50 day moving average price of $46.25 and a 200 day moving average price of $50.66.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate 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 company had revenue of $299.60 million for the quarter, compared to analysts’ expectations of $289.55 million. During the same quarter in the prior year, the firm earned $0.60 EPS. The firm’s revenue was up 17.5% on a year-over-year basis. Equities research analysts expect that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Monday, February 10th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.64%. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, February 10th. California Water Service Group’s payout ratio is presently 32.37%.

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.