Maltese Capital Management LLC Decreases Stock Position in Westamerica Bancorporation $WABC

Maltese Capital Management LLC trimmed its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 46.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 106,500 shares of the financial services provider’s stock after selling 93,500 shares during the period. Maltese Capital Management LLC’s holdings in Westamerica Bancorporation were worth $5,324,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Millennium Management LLC raised its position in Westamerica Bancorporation by 101.3% in the 3rd quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after purchasing an additional 200,884 shares in the last quarter. American Century Companies Inc. grew its position in shares of Westamerica Bancorporation by 9.3% during the second quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock worth $97,816,000 after buying an additional 171,991 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Westamerica Bancorporation by 87.2% during 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 during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Westamerica Bancorporation during the third quarter worth approximately $5,831,000. Finally, Qube Research & Technologies Ltd raised its holdings in Westamerica Bancorporation by 63.4% in the second quarter. Qube Research & Technologies Ltd now owns 176,908 shares of the financial services provider’s stock valued at $8,569,000 after acquiring an additional 68,638 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ WABC opened at $50.82 on Tuesday. Westamerica Bancorporation has a fifty-two week low of $42.00 and a fifty-two week high of $53.48. The firm has a market capitalization of $1.24 billion, a PE ratio of 11.24 and a beta of 0.61. The stock’s 50-day simple moving average is $50.78 and its 200-day simple moving average is $49.20.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%.The firm had revenue of $63.31 million during the quarter, compared to the consensus estimate of $61.90 million. On average, sell-side analysts forecast that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 40.71%.

Westamerica Bancorporation announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 18th that permits the company to repurchase $2.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on WABC shares. Wall Street Zen cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Keefe, Bruyette & Woods raised their price objective on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $52.50.

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.