Global Retirement Partners LLC Increases Stake in California Water Service Group (NYSE:CWT)

Posted by Defense World Staff on Aug 12th, 2023

Global Retirement Partners LLC grew its stake in shares of California Water Service Group (NYSE:CWT – Free Report) by 4,238.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,169 shares of the utilities provider’s stock after acquiring an additional 2,119 shares during the quarter. Global Retirement Partners LLC’s holdings in California Water Service Group were worth $121,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CWT. Ruedi Wealth Management Inc. purchased a new stake in shares of California Water Service Group during the 4th quarter valued at about $27,000. Belpointe Asset Management LLC purchased a new position in shares of California Water Service Group in the fourth quarter worth approximately $28,000. Grey Fox Wealth Advisors LLC purchased a new position in shares of California Water Service Group in the fourth quarter worth approximately $31,000. FinTrust Capital Advisors LLC bought a new position in shares of California Water Service Group in the fourth quarter worth approximately $46,000. Finally, HBK Sorce Advisory LLC increased its stake in California Water Service Group by 95.5% in the 4th quarter. HBK Sorce Advisory LLC now owns 22,474 shares of the utilities provider’s stock worth $171,000 after buying an additional 10,978 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CWT. 888 reiterated an “upgrade” rating on shares of California Water Service Group in a research note on Wednesday, June 28th. StockNews.com began coverage on California Water Service Group in a research report on Thursday, May 18th. They set a “sell” rating for the company. UBS Group lowered California Water Service Group from a “neutral” rating to a “sell” rating in a research report on Wednesday, June 14th. Wells Fargo & Company upgraded California Water Service Group from an “underweight” rating to an “equal weight” rating and cut their price objective for the company from $58.00 to $56.00 in a research report on Wednesday, June 28th. Finally, TheStreet lowered California Water Service Group from a “b-” rating to a “c+” rating in a research report on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $63.00.

Read Our Latest Stock Report on California Water Service Group

California Water Service Group Stock Up 1.2 %

Shares of NYSE CWT opened at $52.86 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.82. The company has a market cap of $3.05 billion, a P/E ratio of 45.97 and a beta of 0.43. California Water Service Group has a 1 year low of $49.00 and a 1 year high of $66.12. The firm has a 50-day simple moving average of $52.32 and a two-hundred day simple moving average of $56.09.

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, August 4th. This represents a $1.04 annualized dividend and a yield of 1.97%. California Water Service Group’s dividend payout ratio (DPR) is currently 90.44%.

About California Water Service Group

(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.