Assenagon Asset Management S.A. Buys Shares of 35,192 Westamerica Bancorporation $WABC

Assenagon Asset Management S.A. bought a new position in Westamerica Bancorporation (NASDAQ:WABC) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 35,192 shares of the financial services provider’s stock, valued at approximately $1,835,000. Assenagon Asset Management S.A. owned 0.15% of Westamerica Bancorporation as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. EverSource Wealth Advisors LLC lifted its stake in Westamerica Bancorporation by 354.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 666 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Westamerica Bancorporation by 49.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 351 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Westamerica Bancorporation by 7,286.7% during the fourth quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,093 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Westamerica Bancorporation by 10,335.7% during the fourth quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider’s stock worth $70,000 after purchasing an additional 1,447 shares during the period. Finally, Strs Ohio purchased a new position in Westamerica Bancorporation during the first quarter valued at approximately $96,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Insider Transactions at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 759 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.90% of the stock is owned by company insiders.

Westamerica Bancorporation Stock Up 2.4%

Shares of Westamerica Bancorporation stock opened at $60.08 on Thursday. Westamerica Bancorporation has a 12-month low of $44.93 and a 12-month high of $60.27. The stock has a 50 day moving average price of $56.07 and a two-hundred day moving average price of $52.68. The stock has a market capitalization of $1.41 billion, a P/E ratio of 13.38 and a beta of 0.56.

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

Westamerica Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.92 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 42.76%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WABC. Keefe, Bruyette & Woods lifted their target price on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a research note on Friday, April 17th. Weiss Ratings raised shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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.