Citigroup Inc. Has $2.20 Million Stock Position in California Water Service Group $CWT

Citigroup Inc. lowered its position in California Water Service Group (NYSE:CWT) by 22.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 47,912 shares of the utilities provider’s stock after selling 14,191 shares during the period. Citigroup Inc. owned 0.08% of California Water Service Group worth $2,199,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of California Water Service Group during the second quarter valued at approximately $30,757,000. Jane Street Group LLC bought a new position in shares of California Water Service Group in the 1st quarter worth $5,979,000. Adage Capital Partners GP L.L.C. bought a new position in shares of California Water Service Group in the 2nd quarter worth $4,548,000. Midwest Trust Co acquired a new stake in California Water Service Group in the 2nd quarter valued at $2,516,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in California Water Service Group by 21.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 311,502 shares of the utilities provider’s stock valued at $15,095,000 after purchasing an additional 54,277 shares during the period. Institutional investors and hedge funds own 82.78% of the company’s stock.

California Water Service Group Price Performance

CWT stock opened at $45.53 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.85. The business has a 50-day simple moving average of $44.88 and a two-hundred day simple moving average of $45.50. The company has a market capitalization of $2.71 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 2.04 and a beta of 0.64. California Water Service Group has a 52-week low of $41.29 and a 52-week high of $51.63.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.36 by $0.25. California Water Service Group had a return on equity of 7.67% and a net margin of 12.82%.The firm had revenue of $265.61 million during the quarter, compared to the consensus estimate of $239.10 million. During the same period in the prior year, the business posted $0.33 earnings per share. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. Research analysts expect that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Monday, February 9th were issued a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a yield of 2.9%. This is an increase from California Water Service Group’s previous quarterly dividend of $0.30. The ex-dividend date was Monday, February 9th. California Water Service Group’s dividend payout ratio is currently 62.33%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “hold (c)” rating on shares of California Water Service Group in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $55.00.

California Water Service Group Company Profile

California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.