34,639 Shares in California Water Service Group (NYSE:CWT) Purchased by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ acquired a new stake in 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 institutional investor acquired 34,639 shares of the utilities provider’s stock, valued at approximately $1,582,000. Skandinaviska Enskilda Banken AB publ owned about 0.06% of California Water Service Group at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Parkworth Wealth Management Inc. acquired a new stake in shares of California Water Service Group in the fourth quarter valued at approximately $50,000. Ieq Capital LLC acquired a new stake in shares of California Water Service Group in the 4th quarter worth $202,000. Asset Planning Inc acquired a new stake in shares of California Water Service Group in the 4th quarter worth $204,000. Boston Family Office LLC purchased a new position in shares of California Water Service Group during the 3rd quarter worth $210,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of California Water Service Group in the third quarter valued at about $219,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Stock Performance

Shares of CWT stock opened at $47.39 on Tuesday. 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 firm has a market cap of $2.82 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.46 and a beta of 0.49. The firm’s 50 day moving average price is $45.15 and its 200-day moving average price is $49.00. California Water Service Group has a one year low of $41.64 and a one year high of $56.25.

California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, February 27th. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.05). The firm had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $216.37 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. During the same quarter in the prior year, the business earned $0.52 earnings per share. As a group, equities research analysts predict that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Monday, February 10th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, February 10th. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a yield of 2.53%. California Water Service Group’s dividend payout ratio is 36.70%.

Analysts Set New Price Targets

A number of equities analysts have commented on CWT shares. Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, February 8th. Finally, Bank of America began coverage on California Water Service Group in a research note on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.25.

About California Water Service Group

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.