Renaissance Technologies LLC reduced its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 67.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,931 shares of the financial services provider’s stock after selling 90,769 shares during the period. Renaissance Technologies LLC owned 0.16% of Westamerica Bancorporation worth $2,397,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of WABC. Guggenheim Capital LLC raised its stake in shares of Westamerica Bancorporation by 53.3% in the fourth quarter. Guggenheim Capital LLC now owns 7,515 shares of the financial services provider’s stock valued at $473,000 after buying an additional 2,614 shares during the last quarter. Norges Bank acquired a new stake in shares of Westamerica Bancorporation during the fourth quarter valued at approximately $9,732,000. Teachers Advisors LLC raised its stake in shares of Westamerica Bancorporation by 7.0% in the fourth quarter. Teachers Advisors LLC now owns 53,938 shares of the financial services provider’s stock valued at $3,394,000 after buying an additional 3,508 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Westamerica Bancorporation by 3.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the financial services provider’s stock valued at $597,000 after buying an additional 400 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of 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 valued at $458,000 after buying an additional 300 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors.

Shares of Westamerica Bancorporation (NASDAQ:WABC) traded up 0.17% during mid-day trading on Wednesday, reaching $52.32. The company’s stock had a trading volume of 4,101 shares. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 22.45 and a beta of 1.06. The company’s 50 day moving average price is $54.65 and its 200-day moving average price is $55.16. Westamerica Bancorporation has a 1-year low of $47.31 and a 1-year high of $65.34.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The business had revenue of $47.90 million for the quarter, compared to analysts’ expectations of $46.70 million. Westamerica Bancorporation had a return on equity of 10.57% and a net margin of 33.83%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. Analysts predict that Westamerica Bancorporation will post $2.32 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend is Thursday, August 3rd. Westamerica Bancorporation’s dividend payout ratio is currently 66.67%.

Westamerica Bancorporation announced that its board has authorized a share repurchase program on Thursday, July 27th that permits the company to repurchase 1,750,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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WABC has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised Westamerica Bancorporation from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $54.00 to $56.00 in a report on Friday, April 21st. Maxim Group reissued a “hold” rating on shares of Westamerica Bancorporation in a report on Friday, April 21st. Finally, BidaskClub raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Westamerica Bancorporation presently has an average rating of “Hold” and a consensus price target of $56.00.

In related 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 sale, the director now owns 72,490 shares in the company, valued at approximately $3,943,456. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.90% of the company’s stock.

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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Institutional Ownership by Quarter for Westamerica Bancorporation (NASDAQ:WABC)

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