Westamerica Bancorporation (WABC) Position Cut by Oppenheimer Asset Management Inc.
Oppenheimer Asset Management Inc. reduced its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC) by 12.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,459 shares of the financial services provider’s stock after selling 360 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Westamerica Bancorporation were worth $138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in WABC. BlackRock Inc. increased its position in Westamerica Bancorporation by 48,285.6% during the 1st quarter. BlackRock Inc. now owns 3,192,483 shares of the financial services provider’s stock valued at $178,235,000 after buying an additional 3,185,885 shares in the last quarter. Vanguard Group Inc. increased its position in Westamerica Bancorporation by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 2,551,330 shares of the financial services provider’s stock valued at $142,440,000 after buying an additional 354,294 shares in the last quarter. Deprince Race & Zollo Inc. increased its position in Westamerica Bancorporation by 218.4% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 461,063 shares of the financial services provider’s stock valued at $25,838,000 after buying an additional 316,245 shares in the last quarter. Russell Investments Group Ltd. increased its position in Westamerica Bancorporation by 218.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 207,817 shares of the financial services provider’s stock valued at $11,645,000 after buying an additional 142,605 shares in the last quarter. Finally, State Street Corp increased its position in Westamerica Bancorporation by 17.0% during the 1st quarter. State Street Corp now owns 857,733 shares of the financial services provider’s stock valued at $47,882,000 after buying an additional 124,661 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.
Westamerica Bancorporation (NASDAQ:WABC) opened at 55.92 on Friday. The company’s 50-day moving average price is $52.25 and its 200 day moving average price is $54.22. Westamerica Bancorporation has a 12 month low of $47.31 and a 12 month high of $65.34. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 24.00 and a beta of 1.06.
Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.60 earnings per share for the quarter, beating the Zacks’ 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 analysts’ expectations of $46.70 million. During the same period last year, the firm earned $0.57 earnings per share. Westamerica Bancorporation’s quarterly revenue was down .6% on a year-over-year basis. Analysts predict that Westamerica Bancorporation will post $2.32 EPS for the current year.
Westamerica Bancorporation announced that its board has authorized a share buyback plan on Thursday, July 27th that allows the company to repurchase 1,750,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
In other Westamerica Bancorporation news, Director Edward B. Sylvester sold 1,260 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $54.40, for a total value of $68,544.00. Following the sale, the director now directly owns 72,490 shares in the company, valued at $3,943,456. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.90% of the stock is owned by company insiders.
Separately, BidaskClub raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th.
Westamerica Bancorporation Profile
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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