Vanguard Group Inc. Sells 13,016 Shares of Westamerica Bancorporation $WABC

Vanguard Group Inc. reduced its holdings in Westamerica Bancorporation (NASDAQ:WABC) by 0.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,184,414 shares of the financial services provider’s stock after selling 13,016 shares during the period. Vanguard Group Inc. owned about 0.13% of Westamerica Bancorporation worth $159,189,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in shares of Westamerica Bancorporation by 43.9% during the third quarter. JPMorgan Chase & Co. now owns 98,266 shares of the financial services provider’s stock worth $4,912,000 after acquiring an additional 29,964 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Westamerica Bancorporation by 11.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 99,309 shares of the financial services provider’s stock worth $4,964,000 after acquiring an additional 10,060 shares during the period. MQS Management LLC bought a new stake in shares of Westamerica Bancorporation during the 3rd quarter valued at about $438,000. Alps Advisors Inc. increased its stake in Westamerica Bancorporation by 29.3% in the third quarter. Alps Advisors Inc. now owns 9,382 shares of the financial services provider’s stock valued at $469,000 after acquiring an additional 2,127 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its stake in shares of Westamerica Bancorporation by 201.1% during the third quarter. Hantz Financial Services Inc. now owns 840 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 561 shares in the last quarter. 81.89% of the stock is owned by institutional investors.

Westamerica Bancorporation Trading Up 0.3%

WABC opened at $51.23 on Wednesday. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.33 and a beta of 0.61. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $53.48. The company’s 50 day simple moving average is $50.45 and its two-hundred day simple moving average is $49.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.26 and a quick ratio of 0.29.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, January 15th. The financial services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.07 by $0.05. The firm had revenue of $63.31 million for the quarter, compared to analyst estimates of $61.90 million. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%. Analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 18th that authorizes the company to repurchase $2.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Westamerica Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 40.71%.

Analyst Upgrades and Downgrades

Several brokerages have commented on WABC. Weiss Ratings restated a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, January 21st. Wall Street Zen lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Finally, Keefe, Bruyette & Woods boosted their price target on Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westamerica Bancorporation currently has an average rating of “Hold” and a consensus price target of $52.50.

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.