California Water Service Group (NYSE:CWT) Position Boosted by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. increased its holdings in California Water Service Group (NYSE:CWT) by 72.4% during the fourth quarter, Holdings Channel reports. The firm owned 9,591 shares of the utilities provider’s stock after purchasing an additional 4,028 shares during the period. Atria Wealth Solutions Inc.’s holdings in California Water Service Group were worth $497,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. AdvisorNet Financial Inc increased its holdings in shares of California Water Service Group by 42.2% in the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after buying an additional 220 shares in the last quarter. Signaturefd LLC raised its position in shares of California Water Service Group by 64.4% during the third quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock worth $50,000 after purchasing an additional 417 shares during the period. Stewart & Patten Co. LLC purchased a new stake in shares of California Water Service Group during the fourth quarter valued at $207,000. Daiwa Securities Group Inc. boosted its position in shares of California Water Service Group by 124.2% in the 3rd quarter. Daiwa Securities Group Inc. now owns 4,181 shares of the utilities provider’s stock valued at $198,000 after purchasing an additional 2,316 shares during the period. Finally, Glenmede Trust Co. NA purchased a new position in California Water Service Group in the 3rd quarter worth about $234,000. 82.78% of the stock is owned by institutional investors and hedge funds.

California Water Service Group Stock Performance

CWT stock opened at $50.57 on Monday. The firm has a 50 day simple moving average of $46.37 and a 200 day simple moving average of $48.35. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $58.30. The stock has a market cap of $2.92 billion, a P/E ratio of 20.23 and a beta of 0.47. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.52 and a current ratio of 0.56.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, April 25th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $1.00. California Water Service Group had a net margin of 15.42% and a return on equity of 10.09%. The company had revenue of $270.75 million during the quarter, compared to analyst estimates of $183.85 million. During the same quarter last year, the business posted ($0.40) EPS. The company’s revenue for the quarter was up 106.5% on a year-over-year basis. Research analysts anticipate that California Water Service Group will post 2.86 earnings per share for the current fiscal year.

California Water Service Group Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 2.21%. California Water Service Group’s dividend payout ratio (DPR) is currently 44.80%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Robert W. Baird upped their price objective on shares of California Water Service Group from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. UBS Group raised shares of California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price objective for the company in a research note on Thursday, April 4th. StockNews.com raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Finally, TheStreet lowered California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. 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, the company currently has an average rating of “Hold” and a consensus price target of $54.25.

Insiders Place Their Bets

In related news, Director Thomas M. Krummel sold 2,220 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total value of $111,000.00. Following the completion of the sale, the director now owns 23,873 shares of the company’s stock, valued at approximately $1,193,650. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.88% of the company’s stock.

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.