SJW Group (NYSE:SJW) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of SJW Group (NYSE:SJW) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, Marketbeat.com reports. Bank of America currently has $55.00 price objective on the utilities provider’s stock, down from their prior price objective of $59.00.

Several other brokerages have also commented on SJW. Wells Fargo & Company cut their price target on SJW Group from $61.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. StockNews.com downgraded shares of SJW Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th.

SJW Group Stock Up 3.7 %

Shares of NYSE SJW opened at $52.10 on Monday. The stock has a 50 day moving average price of $50.24 and a 200 day moving average price of $55.29. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 18.88, a PEG ratio of 3.68 and a beta of 0.65. SJW Group has a 52-week low of $44.91 and a 52-week high of $62.18. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.77 and a current ratio of 0.77.

SJW Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 10th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.22%. This is a positive change from SJW Group’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, February 10th. SJW Group’s payout ratio is presently 57.97%.

Institutional Investors Weigh In On SJW Group

Institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd lifted its position in shares of SJW Group by 81.4% during the third quarter. Point72 DIFC Ltd now owns 704 shares of the utilities provider’s stock valued at $41,000 after buying an additional 316 shares during the last quarter. nVerses Capital LLC purchased a new stake in SJW Group during the third quarter valued at approximately $46,000. US Bancorp DE boosted its stake in SJW Group by 53.8% in the third quarter. US Bancorp DE now owns 1,255 shares of the utilities provider’s stock valued at $73,000 after acquiring an additional 439 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in SJW Group in the third quarter worth $140,000. Finally, First Trust Direct Indexing L.P. acquired a new position in shares of SJW Group during the third quarter worth $215,000. Institutional investors own 84.29% of the company’s stock.

About SJW Group

SJW Group, through its subsidiaries, provides water utility and other related services in the United States. It operates in Water Utility Services and Real Estate Services segments. The company engages in the production, purchase, storage, purification, distribution, wholesale, and retail sale of water and wastewater services; and supplies groundwater from wells, surface water from watershed run-off and diversion, reclaimed water, and imported water purchased from the Santa Clara Valley Water District.