Westamerica Bancorporation $WABC Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd cut its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 92.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,002 shares of the financial services provider’s stock after selling 46,524 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Westamerica Bancorporation were worth $209,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in shares of Westamerica Bancorporation by 354.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 666 shares during the period. PNC Financial Services Group Inc. increased its stake in Westamerica Bancorporation by 49.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 351 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in Westamerica Bancorporation by 7,286.7% during the 4th quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,093 shares during the period. Farther Finance Advisors LLC raised its holdings in Westamerica Bancorporation by 10,335.7% during the 4th quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider’s stock worth $70,000 after buying an additional 1,447 shares during the period. Finally, Strs Ohio purchased a new stake in Westamerica Bancorporation during the first quarter valued at about $96,000. 81.89% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Robert James Baker, Jr. sold 759 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The sale was disclosed in a filing with the SEC, which is accessible through this link. 5.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on WABC. Keefe, Bruyette & Woods raised their target price on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a report on Friday, April 17th. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Westamerica Bancorporation Stock Up 0.7%

Shares of Westamerica Bancorporation stock opened at $59.02 on Thursday. The stock has a market cap of $1.39 billion, a PE ratio of 13.14 and a beta of 0.56. The business has a fifty day simple moving average of $56.90 and a 200-day simple moving average of $53.33. Westamerica Bancorporation has a 12 month low of $44.93 and a 12 month high of $60.53.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05. The firm had revenue of $62.08 million for the quarter, compared to analyst estimates of $60.70 million. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.

Westamerica Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were paid a dividend of $0.48 per share. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.92 annualized dividend and a yield of 3.3%. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 42.76%.

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.