Amalgamated Bank Decreases Stake in California Water Service Group (NYSE:CWT)

Posted by on Aug 1st, 2023

Amalgamated Bank decreased its stake in shares of California Water Service Group (NYSE:CWT – Free Report) by 6.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,722 shares of the utilities provider’s stock after selling 1,684 shares during the quarter. Amalgamated Bank’s holdings in California Water Service Group were worth $1,381,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in California Water Service Group by 1.2% during the third quarter. Vanguard Group Inc. now owns 6,624,310 shares of the utilities provider’s stock worth $349,034,000 after buying an additional 79,168 shares in the last quarter. State Street Corp boosted its position in California Water Service Group by 27.0% during the second quarter. State Street Corp now owns 5,369,713 shares of the utilities provider’s stock worth $298,288,000 after purchasing an additional 1,140,204 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of California Water Service Group by 5.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,330,347 shares of the utilities provider’s stock valued at $141,313,000 after purchasing an additional 126,979 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of California Water Service Group by 0.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,278,162 shares of the utilities provider’s stock worth $126,552,000 after purchasing an additional 9,949 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of California Water Service Group by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,257,524 shares of the utilities provider’s stock valued at $76,259,000 after acquiring an additional 13,968 shares in the last quarter. 79.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at California Water Service Group

In other California Water Service Group news, VP Robert J. Kuta sold 1,000 shares of the company’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $56.79, for a total value of $56,790.00. Following the transaction, the vice president now owns 12,916 shares of the company’s stock, valued at $733,499.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CWT. StockNews.com initiated coverage on shares of California Water Service Group in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. TheStreet lowered California Water Service Group from a “b-” rating to a “c+” rating in a research report on Wednesday, June 14th. Wells Fargo & Company raised California Water Service Group from an “underweight” rating to an “equal weight” rating and reduced their price target for the company from $58.00 to $56.00 in a research report on Wednesday, June 28th. UBS Group downgraded California Water Service Group from a “neutral” rating to a “sell” rating in a research report on Wednesday, June 14th. Finally, Janney Montgomery Scott raised shares of California Water Service Group from a “neutral” rating to a “buy” rating and set a $66.00 price objective on the stock in a research report on Friday. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, California Water Service Group has an average rating of “Hold” and a consensus target price of $63.00.

California Water Service Group Stock Performance

NYSE:CWT opened at $53.04 on Tuesday. The firm’s fifty day simple moving average is $53.19 and its 200 day simple moving average is $56.69. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. California Water Service Group has a twelve month low of $49.00 and a twelve month high of $66.12. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 46.12 and a beta of 0.43.

California Water Service Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Monday, August 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Friday, August 4th. California Water Service Group’s payout ratio is 90.44%.

California Water Service Group Company 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.

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

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