The Manufacturers Life Insurance Company Invests $545,000 in Westamerica Bancorporation $WABC

The Manufacturers Life Insurance Company purchased a new position in shares of Westamerica Bancorporation (NASDAQ:WABC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 9,285 shares of the financial services provider’s stock, valued at approximately $545,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of WABC. Bessemer Group Inc. grew its holdings in shares of Westamerica Bancorporation by 42.6% during the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Westamerica Bancorporation by 354.3% in the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after buying an additional 666 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Westamerica Bancorporation during the 2nd quarter worth about $44,000. PNC Financial Services Group Inc. lifted its position in Westamerica Bancorporation by 49.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock worth $50,000 after buying an additional 351 shares in the last quarter. Finally, Quadrant Capital Group LLC grew 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 acquiring an additional 1,093 shares during the last quarter. 81.89% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation Price Performance

Shares of WABC stock opened at $59.39 on Monday. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 13.08 and a beta of 0.56. Westamerica Bancorporation has a 12 month low of $44.93 and a 12 month high of $63.61. The stock has a 50-day moving average price of $59.34 and a 200 day moving average price of $55.79.

Westamerica Bancorporation (NASDAQ:WABC) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. The company had revenue of $62.77 million for the quarter, compared to analyst estimates of $61.60 million. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.31%. During the same quarter last year, the firm earned $1.12 EPS.

Westamerica Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were paid a $0.48 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.2%. Westamerica Bancorporation’s dividend payout ratio is 42.29%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the company a “market perform” rating in a research report on Friday, July 17th. Weiss Ratings cut shares of Westamerica Bancorporation from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $64.00.

Westamerica Bancorporation 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.