Assenagon Asset Management S.A. Purchases New Shares in California Water Service Group (NYSE:CWT)

Assenagon Asset Management S.A. acquired a new stake in shares of California Water Service Group (NYSE:CWTFree Report) during the 3rd quarter, Holdings Channel.com reports. The firm acquired 15,846 shares of the utilities provider’s stock, valued at approximately $750,000.

Other institutional investors have also modified their holdings of the company. Tower View Wealth Management LLC bought a new stake in California Water Service Group in the 2nd quarter valued at approximately $27,000. Rosenberg Matthew Hamilton bought a new stake in California Water Service Group in the 3rd quarter valued at approximately $28,000. Banque Cantonale Vaudoise bought a new stake in California Water Service Group in the 2nd quarter valued at approximately $32,000. Belpointe Asset Management LLC lifted its stake in California Water Service Group by 58.6% in the 1st quarter. Belpointe Asset Management LLC now owns 731 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 270 shares in the last quarter. Finally, FinTrust Capital Advisors LLC bought a new stake in California Water Service Group in the 4th quarter valued at approximately $46,000. Institutional investors own 80.63% of the company’s stock.

California Water Service Group Trading Up 2.4 %

Shares of California Water Service Group stock opened at $46.16 on Wednesday. California Water Service Group has a 12-month low of $44.83 and a 12-month high of $62.45. The stock has a market cap of $2.66 billion, a P/E ratio of 64.11 and a beta of 0.49. The company has a quick ratio of 0.75, a current ratio of 0.79 and a debt-to-equity ratio of 0.74. The business’s 50 day moving average is $49.90 and its 200-day moving average is $49.90.

California Water Service Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Monday, February 12th will be paid a dividend of $1.12 per share. The ex-dividend date is Friday, February 9th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 9.71%. This is a boost from California Water Service Group’s previous quarterly dividend of $0.26. California Water Service Group’s dividend payout ratio is currently 155.56%.

Insider Transactions at California Water Service Group

In related news, Director Thomas M. Krummel sold 555 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $51.77, for a total transaction of $28,732.35. Following the transaction, the director now directly owns 27,731 shares of the company’s stock, valued at approximately $1,435,633.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $51.77, for a total value of $28,732.35. Following the transaction, the director now directly owns 27,731 shares of the company’s stock, valued at approximately $1,435,633.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michelle R. Mortensen sold 675 shares of the company’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $52.56, for a total value of $35,478.00. Following the completion of the transaction, the insider now directly owns 8,983 shares in the company, valued at $472,146.48. The disclosure for this sale can be found here. Insiders have sold a total of 2,340 shares of company stock worth $122,680 in the last 90 days. Corporate insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

CWT has been the topic of several research reports. TheStreet upgraded California Water Service Group from a “c+” rating to a “b-” rating in a research note on Thursday, December 28th. StockNews.com upgraded California Water Service Group to a “sell” rating in a research note on Wednesday, November 1st. Finally, Wells Fargo & Company cut California Water Service Group from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $56.00 to $47.00 in a research note on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $56.50.

View Our Latest Report on CWT

California Water Service Group Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for California Water Service Group (NYSE:CWT)

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