Keel Point LLC lifted its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC) by 0.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,495 shares of the financial services provider’s stock after acquiring an additional 46 shares during the quarter. Keel Point LLC’s holdings in Westamerica Bancorporation were worth $700,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its holdings in Westamerica Bancorporation by 0.7% in the second quarter. BlackRock Inc. now owns 3,213,258 shares of the financial services provider’s stock valued at $180,071,000 after buying an additional 20,775 shares during the last quarter. Vanguard Group Inc. increased its holdings in Westamerica Bancorporation by 3.1% in the second quarter. Vanguard Group Inc. now owns 2,629,587 shares of the financial services provider’s stock valued at $147,362,000 after buying an additional 78,257 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Westamerica Bancorporation by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 917,863 shares of the financial services provider’s stock valued at $51,437,000 after buying an additional 20,295 shares during the last quarter. Schroder Investment Management Group increased its holdings in Westamerica Bancorporation by 0.7% in the second quarter. Schroder Investment Management Group now owns 892,798 shares of the financial services provider’s stock valued at $50,854,000 after buying an additional 5,919 shares during the last quarter. Finally, State Street Corp increased its holdings in Westamerica Bancorporation by 17.0% in the first quarter. State Street Corp now owns 857,733 shares of the financial services provider’s stock valued at $47,882,000 after buying an additional 124,661 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.
Separately, BidaskClub raised Westamerica Bancorporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th.
In related news, Director Edward B. Sylvester sold 1,260 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $54.40, for a total value of $68,544.00. Following the completion of the transaction, the director now owns 72,490 shares of the company’s stock, valued at $3,943,456. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.90% of the company’s stock.
Shares of Westamerica Bancorporation (NASDAQ WABC) traded down 0.77% during mid-day trading on Friday, reaching $58.00. The company had a trading volume of 21,790 shares. Westamerica Bancorporation has a 52-week low of $47.31 and a 52-week high of $65.34. The company has a market capitalization of $1.53 billion, a PE ratio of 24.89 and a beta of 1.10. The company’s 50-day moving average price is $55.15 and its 200-day moving average price is $54.52.
Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. Westamerica Bancorporation had a net margin of 33.83% and a return on equity of 10.57%. The firm had revenue of $47.90 million during the quarter, compared to analyst estimates of $46.70 million. During the same quarter in the prior year, the business posted $0.57 earnings per share. The company’s quarterly revenue was down .6% compared to the same quarter last year. On average, analysts forecast that Westamerica Bancorporation will post $2.32 earnings per share for the current fiscal year.
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 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
About Westamerica Bancorporation
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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