Citigroup Inc. boosted its position in Westamerica Bancorporation (NASDAQ:WABC) by 11.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,376 shares of the financial services provider’s stock after purchasing an additional 2,355 shares during the period. Citigroup Inc. owned about 0.09% of Westamerica Bancorporation worth $1,310,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WABC. Municipal Employees Retirement System of Michigan raised its holdings in Westamerica Bancorporation by 0.9% during the first quarter. Municipal Employees Retirement System of Michigan now owns 5,860 shares of the financial services provider’s stock worth $327,000 after purchasing an additional 50 shares during the last quarter. Texas Permanent School Fund boosted its position in Westamerica Bancorporation by 1.0% during the second quarter. Texas Permanent School Fund now owns 19,200 shares of the financial services provider’s stock worth $1,076,000 after purchasing an additional 183 shares in the last quarter. Huntington National Bank boosted its position in Westamerica Bancorporation by 18.7% during the second quarter. Huntington National Bank now owns 1,971 shares of the financial services provider’s stock worth $110,000 after purchasing an additional 310 shares in the last quarter. SG Americas Securities LLC boosted its position in Westamerica Bancorporation by 20.1% during the first quarter. SG Americas Securities LLC now owns 2,795 shares of the financial services provider’s stock worth $156,000 after purchasing an additional 467 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in Westamerica Bancorporation by 3.8% during the first quarter. Arizona State Retirement System now owns 13,710 shares of the financial services provider’s stock worth $765,000 after purchasing an additional 500 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Shares of Westamerica Bancorporation (NASDAQ WABC) opened at 60.56 on Wednesday. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 25.99 and a beta of 1.10. The company has a 50 day moving average of $53.51 and a 200 day moving average of $54.31. Westamerica Bancorporation has a 52-week low of $47.31 and a 52-week high of $65.34.

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. Analysts predict that Westamerica Bancorporation will post $2.32 EPS for the current fiscal year.

Westamerica Bancorporation announced that its Board of Directors has authorized a stock buyback plan on Thursday, July 27th that permits the company to repurchase 1,750,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Separately, BidaskClub raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th.

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In other news, Director Edward B. Sylvester sold 1,260 shares of Westamerica Bancorporation stock in a transaction on Monday, July 31st. The stock was sold at an average price of $54.40, for a total transaction of $68,544.00. Following the transaction, the director now directly owns 72,490 shares in the company, valued at approximately $3,943,456. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.90% of the company’s stock.

Westamerica Bancorporation 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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Institutional Ownership by Quarter for Westamerica Bancorporation (NASDAQ:WABC)

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