Verition Fund Management LLC Acquires New Position in Westamerica Bancorporation (NASDAQ:WABC)

Verition Fund Management LLC acquired a new stake in shares of Westamerica Bancorporation (NASDAQ:WABC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 9,001 shares of the financial services provider’s stock, valued at approximately $445,000.

Other institutional investors also recently bought and sold shares of the company. Intech Investment Management LLC lifted its stake in Westamerica Bancorporation by 2.8% during the 3rd quarter. Intech Investment Management LLC now owns 7,024 shares of the financial services provider’s stock valued at $347,000 after acquiring an additional 191 shares during the period. Louisiana State Employees Retirement System lifted its stake in Westamerica Bancorporation by 1.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the financial services provider’s stock valued at $650,000 after acquiring an additional 200 shares during the period. Martingale Asset Management L P lifted its stake in Westamerica Bancorporation by 0.7% during the 3rd quarter. Martingale Asset Management L P now owns 27,008 shares of the financial services provider’s stock valued at $1,335,000 after acquiring an additional 200 shares during the period. Algert Global LLC lifted its stake in Westamerica Bancorporation by 0.5% during the 2nd quarter. Algert Global LLC now owns 64,365 shares of the financial services provider’s stock valued at $3,124,000 after acquiring an additional 304 shares during the period. Finally, SummerHaven Investment Management LLC lifted its stake in shares of Westamerica Bancorporation by 1.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 17,948 shares of the financial services provider’s stock worth $871,000 after purchasing an additional 318 shares during the period. 81.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th.

Westamerica Bancorporation Price Performance

Shares of NASDAQ:WABC opened at $56.05 on Friday. The firm’s 50 day moving average price is $54.00 and its 200-day moving average price is $51.25. Westamerica Bancorporation has a twelve month low of $43.82 and a twelve month high of $59.97. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.50 billion, a PE ratio of 10.21 and a beta of 0.57.

Westamerica Bancorporation (NASDAQ:WABC) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.27. The company had revenue of $74.07 million during the quarter, compared to analyst estimates of $72.74 million. Westamerica Bancorporation had a net margin of 45.73% and a return on equity of 17.67%. Equities research analysts expect that Westamerica Bancorporation will post 5.17 EPS for the current year.

Westamerica Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend was Monday, November 4th. Westamerica Bancorporation’s dividend payout ratio is 32.06%.

About Westamerica Bancorporation

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.