Envestnet Asset Management Inc. cut its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 0.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,707 shares of the financial services provider’s stock after selling 4 shares during the period. Envestnet Asset Management Inc.’s holdings in Westamerica Bancorporation were worth $151,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of WABC. Ameritas Investment Partners Inc. purchased a new stake in shares of Westamerica Bancorporation during the first quarter worth about $119,000. State of Alaska Department of Revenue boosted its stake in shares of Westamerica Bancorporation by 4.7% in the first quarter. State of Alaska Department of Revenue now owns 2,900 shares of the financial services provider’s stock worth $161,000 after buying an additional 130 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Westamerica Bancorporation by 14.4% in the first quarter. BNP Paribas Arbitrage SA now owns 5,423 shares of the financial services provider’s stock worth $303,000 after buying an additional 682 shares during the last quarter. Suntrust Banks Inc. boosted its position in Westamerica Bancorporation by 2.3% in the first quarter. Suntrust Banks Inc. now owns 5,758 shares of the financial services provider’s stock worth $321,000 after buying an additional 131 shares in the last quarter. Finally, Mason Street Advisors LLC boosted its position in Westamerica Bancorporation by 9.5% in the first quarter. Mason Street Advisors LLC now owns 6,142 shares of the financial services provider’s stock worth $343,000 after buying an additional 533 shares in the last quarter. 86.45% of the stock is owned by institutional investors.
Westamerica Bancorporation (WABC) traded down 0.40% during midday trading on Friday, hitting $54.32. The company had a trading volume of 120,638 shares. The company’s 50 day moving average is $55.47 and its 200-day moving average is $55.65. The company has a market cap of $1.43 billion, a P/E ratio of 23.31 and a beta of 1.06. Westamerica Bancorporation has a one year low of $46.51 and a one year high of $65.34.
Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.04. Westamerica Bancorporation had a return on equity of 10.57% and a net margin of 33.83%. The company had revenue of $47.90 million during the quarter, compared to analysts’ expectations of $46.70 million. During the same period in the prior year, the company earned $0.57 EPS. Westamerica Bancorporation’s revenue was down .6% compared to the same quarter last year. On average, equities analysts predict that Westamerica Bancorporation will post $2.32 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Thursday, August 3rd. Westamerica Bancorporation’s dividend payout ratio is currently 66.67%.
Westamerica Bancorporation declared that its Board of Directors has initiated a stock buyback program on Thursday, July 27th that authorizes the company to buyback 1,750,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
WABC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised Westamerica Bancorporation from an “underperform” rating to a “market perform” rating and upped their target price for the company from $54.00 to $56.00 in a research report on Friday, April 21st. Maxim Group reaffirmed a “hold” rating on shares of Westamerica Bancorporation in a research report on Friday, April 21st. Finally, BidaskClub raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Westamerica Bancorporation currently has an average rating of “Hold” and an average target price of $56.00.
Westamerica Bancorporation Company Profile
Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.
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