Raymond James Financial Inc. Buys 211,914 Shares of California Water Service Group $CWT

Raymond James Financial Inc. boosted its stake in California Water Service Group (NYSE:CWT) by 204.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 315,685 shares of the utilities provider’s stock after purchasing an additional 211,914 shares during the period. Raymond James Financial Inc. owned approximately 0.53% of California Water Service Group worth $15,298,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. American Century Companies Inc. grew its position in California Water Service Group by 16.6% in the 1st quarter. American Century Companies Inc. now owns 104,203 shares of the utilities provider’s stock worth $5,050,000 after purchasing an additional 14,826 shares during the period. Fox Run Management L.L.C. bought a new stake in California Water Service Group in the 1st quarter worth approximately $971,000. Kovitz Investment Group Partners LLC grew its position in California Water Service Group by 1.0% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 38,438 shares of the utilities provider’s stock worth $1,863,000 after purchasing an additional 373 shares during the period. Russell Investments Group Ltd. grew its position in California Water Service Group by 559.4% in the 1st quarter. Russell Investments Group Ltd. now owns 3,007 shares of the utilities provider’s stock worth $146,000 after purchasing an additional 2,551 shares during the period. Finally, HighTower Advisors LLC boosted its stake in shares of California Water Service Group by 11.1% during the 1st quarter. HighTower Advisors LLC now owns 25,785 shares of the utilities provider’s stock worth $1,250,000 after acquiring an additional 2,580 shares during the last quarter. Institutional investors own 82.78% of the company’s stock.

California Water Service Group Stock Down 0.5%

CWT opened at $46.91 on Friday. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 20.49, a price-to-earnings-growth ratio of 2.25 and a beta of 0.66. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.50 and a current ratio of 0.53. The firm’s fifty day moving average is $46.10 and its 200 day moving average is $46.98. California Water Service Group has a fifty-two week low of $41.64 and a fifty-two week high of $56.25.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.25. The business had revenue of $264.95 million for the quarter, compared to analysts’ expectations of $238.20 million. California Water Service Group had a return on equity of 8.28% and a net margin of 13.71%.The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. On average, sell-side analysts forecast that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, August 11th. California Water Service Group’s dividend payout ratio is presently 52.40%.

Insiders Place Their Bets

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $46.51, for a total transaction of $55,812.00. Following the completion of the sale, the director directly owned 26,349 shares of the company’s stock, valued at $1,225,491.99. This trade represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.77% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Wells Fargo & Company dropped their price target on shares of California Water Service Group from $59.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat.com, California Water Service Group currently has an average rating of “Buy” and a consensus target price of $56.00.

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.