SAN JOSE, Calif. - The California Water Service Group (NYSE: NYSE:CWT) has declared its 317th consecutive quarterly dividend, continuing its long-standing tradition of providing returns to its shareholders. The dividend, set at $0.28 per common share, is scheduled for payment on May 17, 2024, to stockholders of record as of May 6, 2024.
The company, a parent to a family of regulated utility firms including California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, collectively caters to over 2.1 million people across California, Hawaii, New Mexico, Washington, and Texas. It is involved in both regulated and non-regulated water and wastewater services.
This announcement underscores California Water Service Group's commitment to its investors and reflects its stable financial position. The company's common stock is publicly traded on the New York Stock Exchange under the ticker CWT.
The press release also contained forward-looking statements pertaining to the company's expected financial performance and strategic initiatives, which are subject to various risks and uncertainties.
These statements, which are not historical facts, are based on current information and management's expectations, and involve assumptions about the water utility industry and general economic conditions.
The company cautions investors not to place undue reliance on these forward-looking statements, which are qualified by risks and uncertainties that could cause actual results to differ materially from those projected.
Investors are encouraged to review the company's filings with the Securities and Exchange Commission for a more detailed discussion of potential risks and uncertainties. The information in this article is based on a press release statement from the California Water Service Group.
InvestingPro Insights
The California Water Service Group (NYSE: CWT), with its recent declaration of consistent dividends, highlights its investor-friendly approach. A deeper look at the company's financials through InvestingPro metrics reveals a robust picture. As of the last twelve months ending Q4 2023, CWT's market capitalization stands at $2.68 billion.
This figure is underpinned by a Price/Earnings (P/E) ratio of 51.78, indicating a premium valuation compared to the market average. This high earnings multiple may reflect the market's confidence in the company's consistent dividend track record, as well as its expected net income growth this year.
InvestingPro Tips suggest that California Water Service Group has raised its dividend for 31 consecutive years and has maintained dividend payments for 54 consecutive years, signaling a strong commitment to shareholder returns.
Moreover, analysts remain optimistic about the company's profitability, with expectations of continued profit into this year. The company's dividend yield as of a recent date stands at 2.42%, coupled with a 12.0% dividend growth in the last twelve months, which may be attractive to income-focused investors.
Investors considering CWT will find additional insights on the company's financial health and future prospects, with PRONEWS24 providing an extra 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. There are 8 more InvestingPro Tips available for CWT, offering a comprehensive analysis for those seeking to make an informed decision. The next earnings date is set for April 25, 2024, which will be a pivotal moment for investors to watch.
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