Sei Investments Co. increased its position in shares of Westamerica Bancorporation (NASDAQ:WABC) by 5.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,198 shares of the financial services provider’s stock after buying an additional 2,931 shares during the period. Sei Investments Co. owned 0.22% of Westamerica Bancorporation worth $3,261,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of WABC. Municipal Employees Retirement System of Michigan increased its stake in Westamerica Bancorporation by 0.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 5,860 shares of the financial services provider’s stock worth $327,000 after buying an additional 50 shares during the last quarter. State of Alaska Department of Revenue increased its stake in 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. Suntrust Banks Inc. increased its stake 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 during the last quarter. Texas Permanent School Fund increased its stake in Westamerica Bancorporation by 1.0% in the second quarter. Texas Permanent School Fund now owns 19,200 shares of the financial services provider’s stock worth $1,076,000 after buying an additional 183 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Westamerica Bancorporation by 3.8% in the first quarter. Nisa Investment Advisors LLC now owns 8,200 shares of the financial services provider’s stock worth $458,000 after buying an additional 300 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.
Shares of Westamerica Bancorporation (NASDAQ:WABC) opened at 50.22 on Tuesday. The stock has a 50 day moving average of $54.01 and a 200-day moving average of $55.00. The firm has a market capitalization of $1.32 billion, a P/E ratio of 21.55 and a beta of 1.06. Westamerica Bancorporation has a 1-year low of $47.31 and a 1-year high of $65.34.
Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The company had revenue of $47.90 million for the quarter, compared to analysts’ expectations of $46.70 million. Westamerica Bancorporation had a net margin of 33.83% and a return on equity of 10.57%. Westamerica Bancorporation’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 earnings per share. On average, equities analysts expect that Westamerica Bancorporation will post $2.32 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Monday, August 7th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Thursday, August 3rd. Westamerica Bancorporation’s dividend payout ratio is currently 66.67%.
Westamerica Bancorporation announced that its Board of Directors has initiated a stock buyback program on Thursday, July 27th that permits the company to repurchase 1,750,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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Separately, BidaskClub downgraded shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $56.00.
In other Westamerica Bancorporation news, Director Edward B. Sylvester sold 1,260 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $54.40, for a total value of $68,544.00. Following the completion of the sale, the director now owns 72,490 shares of the company’s stock, valued at $3,943,456. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.90% of the stock is owned by corporate insiders.
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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