Westamerica Bancorporation (WABC) Holdings Reduced by Pacad Investment Ltd.
Pacad Investment Ltd. reduced its position in Westamerica Bancorporation (NASDAQ:WABC) by 59.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,601 shares of the financial services provider’s stock after selling 5,269 shares during the quarter. Pacad Investment Ltd.’s holdings in Westamerica Bancorporation were worth $202,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in WABC. BlackRock Inc. increased its holdings in Westamerica Bancorporation by 48,285.6% in the 1st quarter. BlackRock Inc. now owns 3,192,483 shares of the financial services provider’s stock valued at $178,235,000 after buying an additional 3,185,885 shares during the period. Vanguard Group Inc. increased its holdings in Westamerica Bancorporation by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 2,551,330 shares of the financial services provider’s stock valued at $142,440,000 after buying an additional 354,294 shares during the period. Deprince Race & Zollo Inc. increased its holdings in Westamerica Bancorporation by 218.4% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 461,063 shares of the financial services provider’s stock valued at $25,838,000 after buying an additional 316,245 shares during the period. Russell Investments Group Ltd. increased its holdings in Westamerica Bancorporation by 218.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 207,817 shares of the financial services provider’s stock valued at $11,645,000 after buying an additional 142,605 shares during the period. Finally, State Street Corp increased its holdings in Westamerica Bancorporation by 17.0% in the 1st quarter. State Street Corp now owns 857,733 shares of the financial services provider’s stock valued at $47,882,000 after buying an additional 124,661 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.
Westamerica Bancorporation (NASDAQ:WABC) opened at 53.73 on Wednesday. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 23.06 and a beta of 1.06. The firm has a 50-day moving average of $52.42 and a 200 day moving average of $54.41. Westamerica Bancorporation has a 12-month low of $47.31 and a 12-month 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. Westamerica Bancorporation had a net margin of 33.83% and a return on equity of 10.57%. The firm had revenue of $47.90 million for the quarter, compared to the consensus estimate of $46.70 million. During the same period in the prior year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was down .6% on a year-over-year basis. Analysts expect that Westamerica Bancorporation will post $2.32 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend was Thursday, August 3rd. Westamerica Bancorporation’s payout ratio is 66.67%.
Westamerica Bancorporation announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 27th that authorizes the company to repurchase 1,750,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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In other news, Director Edward B. Sylvester sold 1,260 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $54.40, for a total value of $68,544.00. Following the sale, the director now directly 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 is available at this link. Corporate insiders own 4.90% of the company’s stock.
Separately, BidaskClub raised shares of Westamerica Bancorporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th.
About Westamerica Bancorporation
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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