Summit Global Investments Invests $838,000 in Westamerica Bancorporation $WABC

Summit Global Investments bought a new stake in shares of Westamerica Bancorporation (NASDAQ:WABC) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 16,759 shares of the financial services provider’s stock, valued at approximately $838,000. Summit Global Investments owned 0.07% of Westamerica Bancorporation at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in WABC. American Century Companies Inc. lifted its holdings in Westamerica Bancorporation by 9.3% in the second quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock valued at $97,816,000 after acquiring an additional 171,991 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Westamerica Bancorporation by 87.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after purchasing an additional 144,405 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Westamerica Bancorporation in the 3rd quarter valued at $5,831,000. Denali Advisors LLC lifted its stake in shares of Westamerica Bancorporation by 505.1% in the 2nd quarter. Denali Advisors LLC now owns 107,152 shares of the financial services provider’s stock valued at $5,190,000 after purchasing an additional 89,444 shares during the period. Finally, Qube Research & Technologies Ltd boosted its holdings in Westamerica Bancorporation by 63.4% during the second quarter. Qube Research & Technologies Ltd now owns 176,908 shares of the financial services provider’s stock worth $8,569,000 after buying an additional 68,638 shares in the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

Westamerica Bancorporation Trading Up 0.3%

WABC stock opened at $50.58 on Friday. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $52.84. The business’s 50-day moving average is $49.06 and its 200 day moving average is $48.71. The company has a current ratio of 0.26, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 11.19 and a beta of 0.62.

Westamerica Bancorporation (NASDAQ:WABC) last released its earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05. The business had revenue of $66.05 million for the quarter, compared to the consensus estimate of $61.90 million. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%. On average, sell-side analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Monday, February 2nd will be 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 of this dividend is Monday, February 2nd. Westamerica Bancorporation’s payout ratio is 40.71%.

Westamerica Bancorporation declared that its board has authorized a stock buyback program on Thursday, December 18th that allows the company to repurchase $2.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently commented on WABC. Weiss Ratings restated a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods raised their target price on Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Westamerica Bancorporation 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.