Westamerica Bancorporation (WABC) Shares Sold by Sprucegrove Investment Management Ltd.
Sprucegrove Investment Management Ltd. decreased its stake in Westamerica Bancorporation (NASDAQ:WABC) by 21.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 155,900 shares of the financial services provider’s stock after selling 41,800 shares during the period. Sprucegrove Investment Management Ltd. owned approximately 0.59% of Westamerica Bancorporation worth $8,737,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in WABC. First Interstate Bank acquired a new stake in shares of Westamerica Bancorporation in the first quarter worth $104,000. Huntington National Bank lifted its position in Westamerica Bancorporation by 18.7% in the second quarter. Huntington National Bank now owns 1,971 shares of the financial services provider’s stock worth $110,000 after purchasing an additional 310 shares during the period. Ameritas Investment Partners Inc. bought a new position in Westamerica Bancorporation in the first quarter worth $119,000. Northwest Investment Counselors LLC bought a new position in Westamerica Bancorporation in the second quarter worth $134,000. Finally, SG Americas Securities LLC lifted its position in 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 worth $156,000 after purchasing an additional 467 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.
In other Westamerica Bancorporation news, Director Edward B. Sylvester sold 1,260 shares of the company’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 transaction, the director now directly owns 72,490 shares of the company’s stock, valued at approximately $3,943,456. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.90% of the company’s stock.
Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results 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%. The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS.
Westamerica Bancorporation declared that its Board of Directors has approved a share repurchase plan on Thursday, July 27th that permits the company to repurchase 1,750,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Separately, BidaskClub raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th.
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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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