Allspring Global Investments Holdings LLC Purchases 117,423 Shares of California Water Service Group (NYSE:CWT)

Allspring Global Investments Holdings LLC grew its position in shares of California Water Service Group (NYSE:CWT) by 1,981.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 123,350 shares of the utilities provider’s stock after purchasing an additional 117,423 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.22% of California Water Service Group worth $6,369,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CWT. Vontobel Holding Ltd. grew its position in California Water Service Group by 13.0% during the 2nd quarter. Vontobel Holding Ltd. now owns 24,739 shares of the utilities provider’s stock worth $1,277,000 after acquiring an additional 2,849 shares during the last quarter. Creative Planning grew its position in California Water Service Group by 7.7% during the 2nd quarter. Creative Planning now owns 20,948 shares of the utilities provider’s stock worth $1,082,000 after acquiring an additional 1,489 shares during the last quarter. Exchange Traded Concepts LLC grew its position in California Water Service Group by 48.7% during the 2nd quarter. Exchange Traded Concepts LLC now owns 34,451 shares of the utilities provider’s stock worth $1,779,000 after acquiring an additional 11,283 shares during the last quarter. Allworth Financial LP grew its position in California Water Service Group by 24.4% during the 2nd quarter. Allworth Financial LP now owns 5,989 shares of the utilities provider’s stock worth $309,000 after acquiring an additional 1,176 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its position in California Water Service Group by 14.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 29,400 shares of the utilities provider’s stock worth $1,518,000 after acquiring an additional 3,800 shares during the last quarter. 80.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CWT shares. Janney Montgomery Scott upgraded California Water Service Group from a “neutral” rating to a “buy” rating and set a $66.00 price objective for the company in a report on Friday, July 28th. They noted that the move was a valuation call. StockNews.com upgraded California Water Service Group to a “sell” rating in a report on Wednesday. Finally, Wells Fargo & Company cut California Water Service Group from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $56.00 to $47.00 in a report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $60.00.

California Water Service Group Trading Up 2.4 %

CWT opened at $50.77 on Friday. The stock has a market cap of $2.93 billion, a PE ratio of 70.51 and a beta of 0.45. The company has a quick ratio of 0.75, a current ratio of 0.79 and a debt-to-equity ratio of 0.74. The business has a 50 day moving average of $48.63 and a 200-day moving average of $52.07. California Water Service Group has a 52 week low of $45.44 and a 52 week high of $66.12.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Friday, November 3rd. California Water Service Group’s payout ratio is 144.44%.

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.