Vanguard Group Inc. Sells 13,645 Shares of Westamerica Bancorporation $WABC

Vanguard Group Inc. reduced its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC) by 0.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,170,769 shares of the financial services provider’s stock after selling 13,645 shares during the quarter. Vanguard Group Inc. owned 12.72% of Westamerica Bancorporation worth $151,658,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Y Intercept Hong Kong Ltd lifted its position in shares of Westamerica Bancorporation by 285.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 58,718 shares of the financial services provider’s stock worth $2,935,000 after buying an additional 43,500 shares during the last quarter. JPMorgan Chase & Co. raised its position in Westamerica Bancorporation by 43.9% in the third quarter. JPMorgan Chase & Co. now owns 98,266 shares of the financial services provider’s stock valued at $4,912,000 after purchasing an additional 29,964 shares during the last quarter. SG Americas Securities LLC raised its position in Westamerica Bancorporation by 87.4% in the fourth quarter. SG Americas Securities LLC now owns 32,499 shares of the financial services provider’s stock valued at $1,554,000 after purchasing an additional 15,157 shares during the last quarter. Summit Global Investments bought a new position in Westamerica Bancorporation in the third quarter valued at about $838,000. Finally, SummerHaven Investment Management LLC bought a new position in Westamerica Bancorporation in the third quarter valued at about $821,000. 81.89% of the stock is currently owned by institutional investors.

Westamerica Bancorporation Price Performance

Shares of WABC opened at $54.19 on Tuesday. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $56.22. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.07 and a beta of 0.57. The business has a 50-day moving average of $52.40 and a 200-day moving average of $50.41.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.The company had revenue of $62.08 million during the quarter, compared to the consensus estimate of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Monday, May 4th will be paid a dividend of $0.48 per share. This is an increase from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, May 4th. Westamerica Bancorporation’s payout ratio is 42.76%.

Insider Buying and Selling

In related news, SVP Robert James Baker, Jr. sold 759 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 5.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on WABC shares. Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Wall Street Zen downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Finally, Keefe, Bruyette & Woods increased their target price on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a research report on Friday, April 17th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $58.00.

Westamerica Bancorporation Profile

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.