Bank of New York Mellon Corp Sells 31,287 Shares of California Water Service Group (NYSE:CWT)

Bank of New York Mellon Corp decreased its position in shares of California Water Service Group (NYSE:CWT) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 602,892 shares of the utilities provider’s stock after selling 31,287 shares during the quarter. Bank of New York Mellon Corp owned 1.01% of California Water Service Group worth $29,216,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CWT. Versant Capital Management Inc lifted its holdings in shares of California Water Service Group by 751.3% in the first quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 601 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of California Water Service Group by 785.8% in the fourth quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider’s stock valued at $65,000 after buying an additional 1,273 shares during the period. Mather Group LLC. acquired a new position in shares of California Water Service Group in the first quarter valued at approximately $74,000. Putney Financial Group LLC acquired a new position in shares of California Water Service Group in the fourth quarter valued at approximately $78,000. Finally, Federated Hermes Inc. increased its stake in shares of California Water Service Group by 27.6% in the fourth quarter. Federated Hermes Inc. now owns 1,969 shares of the utilities provider’s stock valued at $89,000 after buying an additional 426 shares during the period. Institutional investors own 82.78% of the company’s stock.

California Water Service Group Trading Up 0.4%

NYSE CWT opened at $45.67 on Thursday. The business’s fifty day moving average is $46.44 and its 200-day moving average is $46.56. 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 capitalization of $2.72 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 2.24 and a beta of 0.64. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.53 and a quick ratio of 0.49.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. California Water Service Group had a return on equity of 8.32% and a net margin of 13.84%. The company had revenue of $203.97 million during the quarter, compared to analyst estimates of $194.80 million. During the same quarter last year, the firm posted $1.21 EPS. The firm’s revenue for the quarter was down 24.7% on a year-over-year basis. Equities research analysts predict that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 12th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Monday, May 12th. California Water Service Group’s dividend payout ratio (DPR) is currently 52.63%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CWT. Wall Street Zen downgraded shares of California Water Service Group from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Seaport Res Ptn raised shares of California Water Service Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 11th. Finally, Wells Fargo & Company raised their price objective on shares of California Water Service Group from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd.

Insiders Place Their Bets

In related news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $46.51, for a total value of $55,812.00. Following the completion of the sale, the director owned 26,349 shares of the company’s stock, valued at approximately $1,225,491.99. This trade represents a 4.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.77% of the company’s stock.

California Water Service Group 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.