Palisade Capital Management LLC NJ boosted its holdings in Westamerica Bancorporation (NASDAQ:WABC) by 13.3% in the first quarter, Holdings Channel reports. The firm owned 371,104 shares of the financial services provider’s stock after purchasing an additional 43,568 shares during the period. Palisade Capital Management LLC NJ’s holdings in Westamerica Bancorporation were worth $21,554,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of WABC. Schwab Charles Investment Management Inc. boosted its holdings in Westamerica Bancorporation by 4.9% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 182,402 shares of the financial services provider’s stock valued at $10,863,000 after purchasing an additional 8,500 shares during the last quarter. Victory Capital Management Inc. raised its stake in Westamerica Bancorporation by 1.8% during the fourth quarter. Victory Capital Management Inc. now owns 531,764 shares of the financial services provider’s stock valued at $31,666,000 after buying an additional 9,278 shares in the last quarter. American Century Companies Inc. raised its stake in Westamerica Bancorporation by 2.1% during the fourth quarter. American Century Companies Inc. now owns 2,292,104 shares of the financial services provider’s stock valued at $136,495,000 after buying an additional 48,238 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in Westamerica Bancorporation during the fourth quarter valued at approximately $532,000. Finally, California Public Employees Retirement System raised its stake in Westamerica Bancorporation by 8.8% during the fourth quarter. California Public Employees Retirement System now owns 84,286 shares of the financial services provider’s stock valued at $5,019,000 after buying an additional 6,815 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.
Shares of Westamerica Bancorporation opened at $57.27 on Monday, MarketBeat Ratings reports. The company has a market cap of $1.52 billion, a PE ratio of 23.76 and a beta of 0.99. Westamerica Bancorporation has a twelve month low of $49.38 and a twelve month high of $64.26.
Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, April 19th. The financial services provider reported $0.66 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.66. The business had revenue of $46.00 million for the quarter. Westamerica Bancorporation had a return on equity of 10.73% and a net margin of 27.34%.
The business also recently declared a quarterly dividend, which was paid on Friday, May 18th. Stockholders of record on Monday, May 7th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date was Friday, May 4th.
WABC has been the topic of several research reports. BMO Capital Markets restated a “sell” rating and set a $50.00 price objective on shares of Westamerica Bancorporation in a research note on Wednesday, January 24th. BidaskClub cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $60.00 price objective on shares of Westamerica Bancorporation in a research note on Tuesday, February 27th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The stock presently has a consensus rating of “Sell” and an average price target of $54.67.
In other news, SVP Dennis R. Hansen sold 23,800 shares of the stock in a transaction that occurred on Tuesday, April 24th. The stock was sold at an average price of $57.34, for a total transaction of $1,364,692.00. Following the sale, the senior vice president now directly owns 26,120 shares in the company, valued at approximately $1,497,720.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John A. Thorson sold 5,824 shares of the stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $56.53, for a total value of $329,230.72. Following the sale, the chief financial officer now owns 5,166 shares in the company, valued at $292,033.98. The disclosure for this sale can be found here. Insiders have sold a total of 33,624 shares of company stock worth $1,920,763 over the last quarter. Insiders own 4.50% of the company’s stock.
Westamerica Bancorporation Profile
Westamerica Bancorporation operates as a bank holding company for Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit to local businesses and professionals.
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