Summit Global Investments Acquires New Position in Westamerica Bancorporation $WABC

Summit Global Investments acquired a new stake in Westamerica Bancorporation (NASDAQ:WABC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,759 shares of the financial services provider’s stock, valued at approximately $838,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its position in shares of Westamerica Bancorporation by 354.3% in the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 666 shares in the last quarter. MAI Capital Management lifted its position in Westamerica Bancorporation by 126.1% during the second quarter. MAI Capital Management now owns 866 shares of the financial services provider’s stock worth $42,000 after buying an additional 483 shares in the last quarter. Strs Ohio acquired a new position in Westamerica Bancorporation during the first quarter worth $96,000. Jones Financial Companies Lllp acquired a new position in Westamerica Bancorporation during the first quarter worth $99,000. Finally, Quantbot Technologies LP purchased a new stake in Westamerica Bancorporation in the 2nd quarter valued at $144,000. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on WABC shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, January 21st. Keefe, Bruyette & Woods raised their price objective on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $52.50.

Westamerica Bancorporation Trading Up 0.3%

NASDAQ WABC opened at $50.58 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.26 and a quick ratio of 0.29. The stock has a market capitalization of $1.26 billion, a P/E ratio of 11.19 and a beta of 0.62. The firm’s 50-day moving average is $49.06 and its two-hundred day moving average is $48.71. Westamerica Bancorporation has a 12 month low of $42.00 and a 12 month high of $52.84.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. The business had revenue of $66.05 million for the quarter, compared to the consensus estimate of $61.90 million. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. On average, sell-side analysts anticipate that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Monday, February 2nd will be paid a dividend of $0.46 per share. The ex-dividend date is Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 3.6%. Westamerica Bancorporation’s dividend payout ratio is 40.71%.

Westamerica Bancorporation announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 18th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 0.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.