Nisa Investment Advisors LLC Decreases Stake in Westamerica Bancorporation (NASDAQ:WABC)
Nisa Investment Advisors LLC decreased its stake in Westamerica Bancorporation (NASDAQ:WABC) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 8,040 shares of the financial services provider’s stock after selling 160 shares during the period. Nisa Investment Advisors LLC’s holdings in Westamerica Bancorporation were worth $451,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of WABC. First Interstate Bank purchased a new position in shares of Westamerica Bancorporation during the first quarter valued at about $104,000. Ameritas Investment Partners Inc. purchased a new position in shares of Westamerica Bancorporation during the first quarter valued at about $119,000. Northwest Investment Counselors LLC purchased a new position in shares of Westamerica Bancorporation during the second quarter valued at about $134,000. SG Americas Securities LLC boosted its position in shares of Westamerica Bancorporation by 20.1% in the first quarter. SG Americas Securities LLC now owns 2,795 shares of the financial services provider’s stock valued at $156,000 after buying an additional 467 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Westamerica Bancorporation during the first quarter valued at about $157,000. 86.98% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Westamerica Bancorporation (NASDAQ:WABC) traded down 0.81% on Friday, hitting $51.24. 37,767 shares of the stock traded hands. Westamerica Bancorporation has a 52-week low of $46.92 and a 52-week high of $65.34. The firm has a 50 day moving average price of $54.88 and a 200 day moving average price of $55.30. The firm has a market cap of $1.35 billion, a PE ratio of 21.99 and a beta of 1.06.
Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.04. Westamerica Bancorporation had a return on equity of 10.57% and a net margin of 33.83%. The company had revenue of $47.90 million for the quarter, compared to analyst estimates of $46.70 million. During the same quarter in the prior year, the firm posted $0.57 EPS. Westamerica Bancorporation’s quarterly revenue was down .6% compared to the same quarter last year. On average, equities analysts forecast that Westamerica Bancorporation will post $2.32 EPS for the current year.
Westamerica Bancorporation announced that its board has authorized a stock buyback plan on Thursday, July 27th that authorizes the company to buyback 1,750,000 outstanding shares. This buyback authorization authorizes 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.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, August 3rd. This represents a $1.56 annualized dividend and a yield of 3.02%. Westamerica Bancorporation’s payout ratio is presently 66.67%.
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Several brokerages have recently issued reports on WABC. BidaskClub cut shares of Westamerica Bancorporation from a “sell” rating to a “strong sell” rating in a report on Thursday. Keefe, Bruyette & Woods upgraded shares of Westamerica Bancorporation from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $54.00 to $56.00 in a report on Friday, April 21st. Finally, Maxim Group restated a “hold” rating on shares of Westamerica Bancorporation in a report on Friday, April 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $56.00.
In related news, Director Edward B. Sylvester sold 1,260 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $54.40, for a total transaction of $68,544.00. Following the sale, the director now owns 72,490 shares in the company, valued at approximately $3,943,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.90% of the company’s stock.
About Westamerica Bancorporation
Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.
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