American Century Companies Inc. increased its stake in Westamerica Bancorporation (NASDAQ:WABC) by 5.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,312,457 shares of the financial services provider’s stock after purchasing an additional 120,351 shares during the period. American Century Companies Inc. owned 8.67% of Westamerica Bancorporation worth $139,117,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its position in Westamerica Bancorporation by 318.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,238 shares of the financial services provider’s stock worth $126,000 after purchasing an additional 1,703 shares during the last quarter. Wealthsource Partners LLC bought a new stake in shares of Westamerica Bancorporation during the 2nd quarter valued at $210,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Westamerica Bancorporation during the 2nd quarter valued at $318,000. SG Americas Securities LLC bought a new stake in shares of Westamerica Bancorporation during the 2nd quarter valued at $319,000. Finally, Xact Kapitalforvaltning AB raised its position in shares of Westamerica Bancorporation by 40.8% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 8,630 shares of the financial services provider’s stock valued at $488,000 after acquiring an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 86.85% of the company’s stock.
Several brokerages have commented on WABC. BMO Capital Markets dropped their target price on shares of Westamerica Bancorporation from $50.00 to $47.00 and set an “underperform” rating for the company in a research report on Thursday, October 25th. BidaskClub upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Friday, October 26th. Finally, Maxim Group reiterated a “hold” rating on shares of Westamerica Bancorporation in a research report on Monday, July 23rd. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Westamerica Bancorporation currently has an average rating of “Hold” and an average target price of $53.67.
Shares of Westamerica Bancorporation stock opened at $62.45 on Friday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 23.98 and a beta of 0.98. Westamerica Bancorporation has a 52 week low of $53.51 and a 52 week high of $64.76.
Westamerica Bancorporation (NASDAQ:WABC) last issued its earnings results on Thursday, October 18th. The financial services provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.06). The business had revenue of $48.25 million for the quarter. Westamerica Bancorporation had a net margin of 28.75% and a return on equity of 11.54%.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Monday, November 5th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend is Friday, November 2nd.
Westamerica Bancorporation announced that its Board of Directors has approved a stock repurchase plan on Thursday, July 26th that allows the company to buyback 1,750,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Westamerica Bancorporation Company Profile
Westamerica Bancorporation operates as a bank holding company for Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit to local businesses and professionals.
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