California Water Service Group (NYSE:CWT) Announces $0.34 Quarterly Dividend

California Water Service Group (NYSE:CWT) announced a quarterly dividend on Wednesday, July 29th. Shareholders of record on Monday, August 10th will be paid a dividend of 0.335 per share by the utilities provider on Friday, August 21st. This represents a c) dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 10th.

California Water Service Group has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 59 years. California Water Service Group has a dividend payout ratio of 52.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect California Water Service Group to earn $2.74 per share next year, which means the company should continue to be able to cover its $1.34 annual dividend with an expected future payout ratio of 48.9%.

California Water Service Group Stock Down 1.5%

NYSE CWT opened at $51.63 on Thursday. The business’s fifty day simple moving average is $47.61 and its 200-day simple moving average is $45.91. The company has a quick ratio of 0.65, a current ratio of 0.69 and a debt-to-equity ratio of 0.87. The firm has a market cap of $3.09 billion, a PE ratio of 25.82, a P/E/G ratio of 1.93 and a beta of 0.51. California Water Service Group has a 52 week low of $41.29 and a 52 week high of $53.13.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, July 30th. The utilities provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.14. California Water Service Group had a net margin of 11.77% and a return on equity of 7.06%. The company had revenue of $308.60 million for the quarter, compared to the consensus estimate of $283.50 million. As a group, equities analysts anticipate that California Water Service Group will post 2.56 earnings per share for the current year.

Insider Activity

In other news, Director Thomas M. Krummel sold 3,700 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $43.30, for a total value of $160,210.00. Following the transaction, the director owned 23,805 shares of the company’s stock, valued at approximately $1,030,756.50. The trade was a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lester A. Snow sold 1,100 shares of California Water Service Group stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $44.00, for a total transaction of $48,400.00. Following the completion of the transaction, the director owned 18,316 shares in the company, valued at approximately $805,904. This trade represents a 5.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CWT. Danske Bank A S purchased a new position in California Water Service Group during the third quarter worth about $28,000. EverSource Wealth Advisors LLC boosted its holdings in California Water Service Group by 109.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 365 shares in the last quarter. Versant Capital Management Inc increased its position in California Water Service Group by 228.2% during the 2nd quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 470 shares during the period. Bessemer Group Inc. increased its position in California Water Service Group by 67.9% during the 1st quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 301 shares during the period. Finally, Advisory Services Network LLC purchased a new position in shares of California Water Service Group during the 3rd quarter worth approximately $44,000. 82.78% of the stock is currently owned by institutional investors and hedge funds.

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.