Renaissance Technologies LLC Reduces Stake in Westamerica Bancorporation (WABC)
Renaissance Technologies LLC cut its position in Westamerica Bancorporation (NASDAQ:WABC) by 67.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 42,931 shares of the financial services provider’s stock after selling 90,769 shares during the period. Renaissance Technologies LLC’s holdings in Westamerica Bancorporation were worth $2,397,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in WABC. Comerica Bank boosted its stake in Westamerica Bancorporation by 25.6% in the first quarter. Comerica Bank now owns 41,572 shares of the financial services provider’s stock worth $2,372,000 after buying an additional 8,467 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in Westamerica Bancorporation by 14.4% in the first quarter. BNP Paribas Arbitrage SA now owns 5,423 shares of the financial services provider’s stock worth $303,000 after buying an additional 682 shares in the last quarter. Suntrust Banks Inc. boosted its stake in Westamerica Bancorporation by 2.3% in the first quarter. Suntrust Banks Inc. now owns 5,758 shares of the financial services provider’s stock worth $321,000 after buying an additional 131 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Westamerica Bancorporation by 4.9% in the first quarter. Bank of New York Mellon Corp now owns 372,226 shares of the financial services provider’s stock worth $20,781,000 after buying an additional 17,379 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Westamerica Bancorporation by 8.2% in the first quarter. First Trust Advisors LP now owns 53,779 shares of the financial services provider’s stock worth $3,002,000 after buying an additional 4,054 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.
Shares of Westamerica Bancorporation (NASDAQ WABC) traded up 0.17% during midday trading on Wednesday, reaching $52.32. The company’s stock had a trading volume of 4,101 shares. The stock has a market capitalization of $1.38 billion, a PE ratio of 22.45 and a beta of 1.06. Westamerica Bancorporation has a 12 month low of $47.31 and a 12 month high of $65.34. The stock’s 50 day moving average is $54.65 and its 200 day moving average is $55.16.
Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The firm had revenue of $47.90 million for the quarter, compared to analysts’ expectations of $46.70 million. Westamerica Bancorporation had a return on equity of 10.57% and a net margin of 33.83%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 earnings per share. On average, analysts forecast that Westamerica Bancorporation will post $2.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 7th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.56 annualized dividend and a yield of 2.99%. Westamerica Bancorporation’s dividend payout ratio (DPR) is 66.67%.
Westamerica Bancorporation declared that its board has initiated a stock buyback program on Thursday, July 27th that allows the company to repurchase 1,750,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods upgraded Westamerica Bancorporation from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $54.00 to $56.00 in a report on Friday, April 21st. Maxim Group restated a “hold” rating on shares of Westamerica Bancorporation in a report on Friday, April 21st. Finally, BidaskClub upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Westamerica Bancorporation has an average rating of “Hold” and an average target price of $56.00.
In other Westamerica Bancorporation news, Director Edward B. Sylvester sold 1,260 shares of Westamerica Bancorporation stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $54.40, for a total value of $68,544.00. Following the transaction, the director now owns 72,490 shares in the company, valued at $3,943,456. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.90% of the company’s stock.
Westamerica Bancorporation Company Profile
Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.
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