California Water Service Group (CWT) to Issue Quarterly Dividend of $0.28 on November 22nd

California Water Service Group (NYSE:CWT) declared a quarterly dividend on Wednesday, October 30th,Zacks Dividends reports. Investors of record on Tuesday, November 12th will be given a dividend of 0.28 per share by the utilities provider on Friday, November 22nd. This represents a $1.12 annualized dividend and a yield of 2.15%. The ex-dividend date is Tuesday, November 12th.

California Water Service Group has increased its dividend payment by an average of 7.0% per year over the last three years and has raised its dividend every year for the last 58 years. California Water Service Group has a payout ratio of 47.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect California Water Service Group to earn $2.36 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 47.5%.

California Water Service Group Stock Performance

Shares of NYSE:CWT opened at $52.11 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $56.25. The stock has a market capitalization of $3.10 billion, a P/E ratio of 15.06 and a beta of 0.49. The business has a 50-day moving average price of $53.13 and a two-hundred day moving average price of $51.75.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The business had revenue of $299.60 million during the quarter, compared to the consensus estimate of $289.55 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. California Water Service Group’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.60 earnings per share. Equities analysts predict that California Water Service Group will post 3.31 earnings per share for the current year.

Insider Activity at California Water Service Group

In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total transaction of $30,574.95. Following the transaction, the director now directly owns 21,951 shares in the company, valued at approximately $1,209,280.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.73% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company upgraded California Water Service Group from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $50.00 to $57.00 in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, California Water Service Group has an average rating of “Hold” and a consensus price target of $53.67.

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.