Principal Financial Group Inc. Lowers Position in Westamerica Bancorporation $WABC

Principal Financial Group Inc. decreased its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 7.8% in the third quarter, Holdings Channel.com reports. The fund owned 140,643 shares of the financial services provider’s stock after selling 11,942 shares during the period. Principal Financial Group Inc.’s holdings in Westamerica Bancorporation were worth $7,031,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. American Century Companies Inc. lifted its stake in Westamerica Bancorporation by 9.3% in the 2nd quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock worth $97,816,000 after purchasing an additional 171,991 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Westamerica Bancorporation by 87.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock worth $15,014,000 after buying an additional 144,405 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Westamerica Bancorporation during the third quarter valued at approximately $5,831,000. Denali Advisors LLC grew its holdings in Westamerica Bancorporation by 505.1% during the 2nd quarter. Denali Advisors LLC now owns 107,152 shares of the financial services provider’s stock valued at $5,190,000 after buying an additional 89,444 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in Westamerica Bancorporation by 63.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 176,908 shares of the financial services provider’s stock worth $8,569,000 after acquiring an additional 68,638 shares during the last quarter. 81.89% of the stock is currently owned by institutional investors.

Westamerica Bancorporation Price Performance

Shares of Westamerica Bancorporation stock opened at $52.21 on Friday. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 11.55 and a beta of 0.62. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.29 and a current ratio of 0.26. The stock has a 50 day moving average price of $49.78 and a 200-day moving average price of $48.85. Westamerica Bancorporation has a one year low of $42.00 and a one year high of $53.36.

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

Westamerica Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio (DPR) is 40.71%.

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

Analyst Ratings Changes

A number of research analysts have recently commented on WABC shares. Keefe, Bruyette & Woods increased their target price on Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Wall Street Zen downgraded shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.50.

Westamerica Bancorporation Company Profile

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.