South Dakota Investment Council Has $1,199,000 Stake in Westamerica Bancorporation (WABC)
South Dakota Investment Council continued to hold its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,400 shares of the financial services provider’s stock at the end of the second quarter. South Dakota Investment Council owned about 0.08% of Westamerica Bancorporation worth $1,199,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Wells Fargo & Company MN lifted its stake in shares of Westamerica Bancorporation by 16.6% during the second quarter. Wells Fargo & Company MN now owns 58,815 shares of the financial services provider’s stock valued at $3,296,000 after acquiring an additional 8,379 shares during the period. Schroder Investment Management Group lifted its stake in shares of Westamerica Bancorporation by 0.7% during the second quarter. Schroder Investment Management Group now owns 892,798 shares of the financial services provider’s stock valued at $50,854,000 after acquiring an additional 5,919 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Westamerica Bancorporation by 2.3% during the second quarter. JPMorgan Chase & Co. now owns 917,863 shares of the financial services provider’s stock valued at $51,437,000 after acquiring an additional 20,295 shares during the period. Swiss National Bank lifted its stake in shares of Westamerica Bancorporation by 3.5% during the second quarter. Swiss National Bank now owns 43,800 shares of the financial services provider’s stock valued at $2,455,000 after acquiring an additional 1,500 shares during the period. Finally, Paradigm Asset Management Co. LLC acquired a new position in shares of Westamerica Bancorporation during the second quarter valued at $605,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.
Separately, BidaskClub raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th.
In related news, Director Edward B. Sylvester sold 1,260 shares of the business’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.90% of the company’s stock.
Westamerica Bancorporation (NASDAQ:WABC) opened at 54.03 on Thursday. Westamerica Bancorporation has a 1-year low of $47.31 and a 1-year high of $65.34. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 23.19 and a beta of 1.06. The firm has a 50-day moving average price of $52.38 and a 200 day moving average price of $54.38.
Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The business had revenue of $47.90 million for the quarter, compared to analyst estimates of $46.70 million. Westamerica Bancorporation had a return on equity of 10.57% and a net margin of 33.83%. Westamerica Bancorporation’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. Equities analysts predict that Westamerica Bancorporation will post $2.32 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Monday, August 7th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $1.56 dividend on an annualized basis and a yield of 2.88%. Westamerica Bancorporation’s dividend payout ratio is currently 66.67%.
Westamerica Bancorporation announced that its Board of Directors has authorized a share repurchase program on Thursday, July 27th that permits the company to buyback 1,750,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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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