GAMMA Investing LLC Boosts Stake in Westamerica Bancorporation (NASDAQ:WABC)

GAMMA Investing LLC increased its position in Westamerica Bancorporation (NASDAQ:WABC) by 4,946.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 109,310 shares of the financial services provider’s stock after purchasing an additional 107,144 shares during the period. GAMMA Investing LLC’s holdings in Westamerica Bancorporation were worth $5,534,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Invenomic Capital Management LP bought a new position in shares of Westamerica Bancorporation during the fourth quarter valued at approximately $5,437,000. Raymond James Financial Inc. acquired a new stake in shares of Westamerica Bancorporation during the fourth quarter worth $3,647,000. Norges Bank acquired a new position in Westamerica Bancorporation during the fourth quarter valued at $3,564,000. JPMorgan Chase & Co. raised its position in Westamerica Bancorporation by 74.7% during the fourth quarter. JPMorgan Chase & Co. now owns 142,330 shares of the financial services provider’s stock valued at $7,467,000 after buying an additional 60,871 shares during the period. Finally, Northern Trust Corp increased its position in Westamerica Bancorporation by 17.7% in the 4th quarter. Northern Trust Corp now owns 393,998 shares of the financial services provider’s stock worth $20,669,000 after purchasing an additional 59,325 shares during the last quarter. 81.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Piper Sandler dropped their target price on Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods reduced their price objective on Westamerica Bancorporation from $58.00 to $55.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th.

Westamerica Bancorporation Price Performance

Westamerica Bancorporation stock opened at $48.63 on Tuesday. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 9.35 and a beta of 0.65. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $59.97. The company has a quick ratio of 0.26, a current ratio of 0.27 and a debt-to-equity ratio of 0.15. The business’s 50-day simple moving average is $47.80 and its 200 day simple moving average is $50.63.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.07. The business had revenue of $66.71 million during the quarter, compared to analysts’ expectations of $66.47 million. Westamerica Bancorporation had a return on equity of 16.15% and a net margin of 44.55%. As a group, research analysts anticipate that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend was Monday, May 5th. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.44. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 36.87%.

Insider Buying and Selling at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 710 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $48.16, for a total value of $34,193.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP John A. Thorson sold 2,243 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $48.57, for a total value of $108,942.51. Following the transaction, the senior vice president now owns 11,591 shares in the company, valued at approximately $562,974.87. This trade represents a 16.21% decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.30% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for the 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.