Allspring Global Investments Holdings LLC Has $1.17 Million Position in California Water Service Group (NYSE:CWT)

Allspring Global Investments Holdings LLC reduced its stake in shares of California Water Service Group (NYSE:CWT) by 66.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,509 shares of the utilities provider’s stock after selling 44,380 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in California Water Service Group were worth $1,168,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in CWT. AdvisorNet Financial Inc boosted its holdings in shares of California Water Service Group by 42.2% during the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 220 shares during the period. Signaturefd LLC boosted its holdings 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. Daiwa Securities Group Inc. boosted its holdings in shares of California Water Service Group by 124.2% during the third quarter. Daiwa Securities Group Inc. now owns 4,181 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 2,316 shares during the period. Stewart & Patten Co. LLC acquired a new stake in shares of California Water Service Group during the fourth quarter worth approximately $207,000. Finally, Glenmede Trust Co. NA acquired a new stake in shares of California Water Service Group during the third quarter worth approximately $234,000. 82.78% of the stock is currently owned by institutional investors and hedge funds.

California Water Service Group Price Performance

Shares of California Water Service Group stock opened at $46.23 on Wednesday. The firm has a fifty day simple moving average of $46.08 and a 200-day simple moving average of $48.33. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 0.74. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $58.72. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 51.94 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Thursday, February 29th. The utilities provider reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.98). California Water Service Group had a return on equity of 3.75% and a net margin of 6.53%. The firm had revenue of $214.50 million during the quarter, compared to analyst estimates of $269.41 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. California Water Service Group’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts expect that California Water Service Group will post 2.25 earnings per share for the current year.

California Water Service Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Monday, February 12th were paid a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 9.69%. This is a boost from California Water Service Group’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, February 9th. California Water Service Group’s payout ratio is presently 125.84%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. StockNews.com upgraded shares of California Water Service Group to a “sell” rating in a report on Saturday, March 9th. TheStreet cut shares of California Water Service Group from a “b-” rating to a “c+” rating in a research note on Wednesday, February 14th. UBS Group upgraded shares of California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 target price for the company in a research note on Thursday, April 4th. Finally, Robert W. Baird reduced their target price on shares of California Water Service Group from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, March 1st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $53.50.

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.