Westamerica Bancorporation (WABC) Stake Increased by Palisade Capital Management LLC NJ
Palisade Capital Management LLC NJ lifted its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 280,629 shares of the financial services provider’s stock after buying an additional 5,188 shares during the quarter. Palisade Capital Management LLC NJ owned about 1.07% of Westamerica Bancorporation worth $16,709,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Crossmark Global Holdings Inc. purchased a new stake in shares of Westamerica Bancorporation during the 3rd quarter worth approximately $305,000. Wealthsource Partners LLC purchased a new stake in shares of Westamerica Bancorporation during the 2nd quarter worth approximately $208,000. Keel Point LLC lifted its position in shares of Westamerica Bancorporation by 0.4% during the 2nd quarter. Keel Point LLC now owns 12,495 shares of the financial services provider’s stock worth $700,000 after buying an additional 46 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new position in shares of Westamerica Bancorporation in the 2nd quarter valued at $319,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Westamerica Bancorporation by 4.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,044 shares of the financial services provider’s stock valued at $1,124,000 after acquiring an additional 882 shares during the period. Institutional investors and hedge funds own 83.58% of the company’s stock.
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In other Westamerica Bancorporation news, SVP Dennis R. Hansen sold 18,400 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $59.34, for a total value of $1,091,856.00. Following the sale, the senior vice president now directly owns 19,421 shares of the company’s stock, valued at $1,152,442.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John A. Thorson sold 12,468 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $58.80, for a total value of $733,118.40. Following the completion of the sale, the chief financial officer now directly owns 12,468 shares in the company, valued at $733,118.40. The disclosure for this sale can be found here. Insiders sold 36,868 shares of company stock worth $2,178,134 over the last ninety days. 4.90% of the stock is owned by corporate insiders.
Separately, BidaskClub raised shares of Westamerica Bancorporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th.
Westamerica Bancorporation (NASDAQ:WABC) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.57 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.57. Westamerica Bancorporation had a return on equity of 10.28% and a net margin of 33.38%. The firm had revenue of $45.22 million for the quarter.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 2.75%. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 67.83%.
Westamerica Bancorporation declared that its Board of Directors has approved a share repurchase plan on Thursday, July 27th that allows the company to buyback 1,750,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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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