California Water Service Group announces a quarterly dividend increase and a special dividend, payable February 21, 2025.
Quiver AI Summary
On January 29, 2025, California Water Service Group's Board of Directors declared a quarterly dividend of $0.30 per common share, marking the 320th consecutive dividend payment and reflecting an annual increase of $0.08. The anticipated annual dividend will amount to $1.20 per share. Additionally, a one-time special dividend of $0.04 per share was also announced. Both dividends will be payable on February 21, 2025, to stockholders recorded by February 10, 2025. The company expressed satisfaction with the ability to increase dividends for the 58th consecutive year while acknowledging previous adjustments due to a delay in their 2021 General Rate Case. California Water Service Group provides water and wastewater services to over 2.1 million people across several states.
Potential Positives
- The company has declared its 320th consecutive quarterly dividend, highlighting its long-standing commitment to returning value to shareholders.
- The annual dividend has been increased by $0.08, reflecting a positive financial outlook and increased shareholder returns.
- A one-time special dividend of $0.04 per share indicates the company’s strong financial position and its desire to reward shareholders in light of previous dividend moderation.
- The increase in dividend for the 58th consecutive year demonstrates the company's stability and growth, reinforcing investor confidence.
Potential Negatives
- The special one-time dividend comes after the company had to moderate its 2023 annual dividend due to a delay in its 2021 General Rate Case, which may raise concerns about its financial stability or operational efficiency.
- The inclusion of forward-looking statements suggests uncertainty about future performance, which could lead to investor skepticism regarding the company's projections.
- The press release does not provide detailed information about the underlying reasons for the moderated 2023 dividend, which may leave investors questioning the company's operational health and future prospects.
FAQ
What is the amount of the latest quarterly dividend declared by California Water Service Group?
The California Water Service Group declared a quarterly dividend of $0.30 per common share.
What is the special one-time dividend amount announced?
A special one-time dividend of $0.04 per common share was declared by California Water Service Group.
When will the dividends be payable to shareholders?
The dividends will be payable on February 21, 2025, to stockholders of record as of February 10, 2025.
How many consecutive years has California Water Service Group increased its annual dividend?
California Water Service Group has increased its annual dividend for 58 consecutive years.
Where can I find more information about California Water Service Group?
Additional information is available on the California Water Service Group's website at www.calwatergroup.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CWT Insider Trading Activity
$CWT insiders have traded $CWT stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $CWT stock by insiders over the last 6 months:
- THOMAS M KRUMMEL has made 0 purchases and 3 sales selling 1,665 shares for an estimated $90,092.
- MICHAEL B LUU (Sr. VP Corp Svcs & Chief Risk) sold 985 shares for an estimated $50,727
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CWT Hedge Fund Activity
We have seen 147 institutional investors add shares of $CWT stock to their portfolio, and 136 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NUANCE INVESTMENTS, LLC removed 1,041,933 shares (-38.9%) from their portfolio in Q3 2024, for an estimated $56,493,607
- WULFF, HANSEN & CO. removed 1,032,988 shares (-98.0%) from their portfolio in Q3 2024, for an estimated $56,008,609
- DEPRINCE RACE & ZOLLO INC removed 425,684 shares (-61.4%) from their portfolio in Q3 2024, for an estimated $23,080,586
- CITADEL ADVISORS LLC added 373,786 shares (+inf%) to their portfolio in Q3 2024, for an estimated $20,266,676
- AMUNDI added 312,937 shares (+16.8%) to their portfolio in Q3 2024, for an estimated $16,967,444
- GRANITE INVESTMENT PARTNERS, LLC removed 266,781 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $14,464,865
- QUBE RESEARCH & TECHNOLOGIES LTD added 211,162 shares (+540.9%) to their portfolio in Q3 2024, for an estimated $11,449,203
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN JOSE, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) -- At its meeting on January 29, 2025, the California Water Service Group (NYSE: CWT) (Company) Board of Directors (Board) declared the company's 320th consecutive quarterly dividend in the amount of $0.30 per common share, this reflects an $0.08 annual increase that is expected to yield an annual dividend of $1.20. In addition, the Board declared a one-time special dividend in the amount of $0.04 per common share. Both the quarterly dividend and the special one-time dividend will be payable on February 21, 2025, to stockholders of record as of the close of business on February 10, 2025.
“We are pleased to be in a position to increase our annual dividend for the 58 th consecutive year. Furthermore, we believe that a special, one-time dividend of $0.04 per share is appropriate given our decision to moderate our 2023 annual dividend due to the delay in our 2021 General Rate Case. We believe our 2025 anticipated annual dividend will bring us in line with market expectations, and we remain committed to providing value to all of our stakeholders."
About California Water Service Group
California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at
www.calwatergroup.com
.
Forward Looking Statements
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results to be different than those expected or anticipated include but are not limited to those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
James P. Lynch
408-367-8200
Shannon Dean
[email protected]
408-367-8243