16,433 Shares in Westamerica Bancorporation $WABC Acquired by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC acquired a new stake in Westamerica Bancorporation (NASDAQ:WABC) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,433 shares of the financial services provider’s stock, valued at approximately $821,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of WABC. Assenagon Asset Management S.A. acquired a new position in Westamerica Bancorporation during the third quarter valued at approximately $5,831,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Westamerica Bancorporation during the second quarter worth $241,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Westamerica Bancorporation by 87.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after buying an additional 144,405 shares during the period. CWM LLC grew its holdings in shares of Westamerica Bancorporation by 162.8% in the 3rd quarter. CWM LLC now owns 19,585 shares of the financial services provider’s stock valued at $979,000 after buying an additional 12,133 shares during the period. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Westamerica Bancorporation by 285.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 58,718 shares of the financial services provider’s stock valued at $2,935,000 after buying an additional 43,500 shares in the last quarter. 81.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on WABC shares. Keefe, Bruyette & Woods lifted their target price on Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Finally, Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $52.50.

Westamerica Bancorporation Price Performance

WABC stock opened at $49.96 on Thursday. The stock has a 50-day moving average price of $48.92 and a two-hundred day moving average price of $48.70. The stock has a market cap of $1.25 billion, a PE ratio of 11.05 and a beta of 0.62. The company has a current ratio of 0.26, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year high of $52.84.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. The company had revenue of $66.05 million for the quarter, compared to analyst estimates of $61.90 million. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%. Equities analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation announced that its Board of Directors has approved a share buyback program on Thursday, December 18th that allows the company to repurchase $2.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 0.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Westamerica Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Monday, February 2nd will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 3.7%. Westamerica Bancorporation’s dividend payout ratio is 40.71%.

About Westamerica Bancorporation

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.