Intech Investment Management LLC Buys New Stake in Westamerica Bancorporation (NASDAQ:WABC)

Intech Investment Management LLC purchased a new stake in Westamerica Bancorporation (NASDAQ:WABC) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 6,833 shares of the financial services provider’s stock, valued at approximately $332,000.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Westamerica Bancorporation during the 4th quarter worth $9,733,000. Hsbc Holdings PLC purchased a new stake in shares of Westamerica Bancorporation during the fourth quarter worth about $1,874,000. Rafferty Asset Management LLC lifted its stake in shares of Westamerica Bancorporation by 31.8% in the fourth quarter. Rafferty Asset Management LLC now owns 26,784 shares of the financial services provider’s stock worth $1,511,000 after acquiring an additional 6,462 shares in the last quarter. Beacon Financial Group purchased a new position in Westamerica Bancorporation in the fourth quarter valued at about $397,000. Finally, CWM LLC grew its stake in Westamerica Bancorporation by 248.3% during the 1st quarter. CWM LLC now owns 3,135 shares of the financial services provider’s stock valued at $153,000 after purchasing an additional 2,235 shares in the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

Westamerica Bancorporation Stock Performance

WABC stock opened at $49.00 on Friday. The stock’s 50 day simple moving average is $50.72 and its 200 day simple moving average is $49.15. Westamerica Bancorporation has a 12-month low of $42.06 and a 12-month high of $58.49. The firm has a market cap of $1.31 billion, a P/E ratio of 8.28 and a beta of 0.55. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.37.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Westamerica Bancorporation had a net margin of 47.12% and a return on equity of 20.17%. The company had revenue of $79.57 million for the quarter, compared to the consensus estimate of $74.28 million. As a group, equities research analysts predict that Westamerica Bancorporation will post 5.2 EPS for the current year.

Westamerica Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were paid a $0.44 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.76 dividend on an annualized basis and a yield of 3.59%. Westamerica Bancorporation’s payout ratio is currently 29.73%.

Analyst Ratings Changes

WABC has been the subject of several research analyst reports. Maxim Group cut Westamerica Bancorporation from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. StockNews.com raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 14th. Finally, Piper Sandler upped their target price on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Westamerica Bancorporation currently has an average rating of “Hold” and an average target price of $57.00.

Westamerica Bancorporation Company Profile

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.