Comerica Bank boosted its position in Westamerica Bancorporation (NASDAQ:WABC) by 17.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 71,327 shares of the financial services provider’s stock after purchasing an additional 10,517 shares during the quarter. Comerica Bank owned about 0.27% of Westamerica Bancorporation worth $4,114,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wells Fargo & Company MN raised its stake in Westamerica Bancorporation by 12.3% in the 4th quarter. Wells Fargo & Company MN now owns 72,701 shares of the financial services provider’s stock valued at $4,329,000 after purchasing an additional 7,934 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Westamerica Bancorporation in the 4th quarter valued at $532,000. Pinebridge Investments L.P. raised its stake in Westamerica Bancorporation by 5.7% in the 4th quarter. Pinebridge Investments L.P. now owns 48,325 shares of the financial services provider’s stock valued at $2,877,000 after purchasing an additional 2,591 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Westamerica Bancorporation by 4.9% in the 4th 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. Finally, Financial Advocates Investment Management acquired a new position in Westamerica Bancorporation in the 4th quarter valued at $469,000. 85.16% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:WABC opened at $57.44 on Friday. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 23.66 and a beta of 0.99. Westamerica Bancorporation has a 52-week low of $57.14 and a 52-week high of $57.28.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 18th. Shareholders of record on Monday, May 7th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, May 4th.
WABC has been the subject of several recent research reports. BMO Capital Markets reissued a “sell” rating and issued a $50.00 price objective on shares of Westamerica Bancorporation in a research note on Wednesday, January 24th. Maxim Group reissued a “hold” rating on shares of Westamerica Bancorporation in a research note on Friday, January 19th. BidaskClub raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Thursday, February 8th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $60.00 target price on shares of Westamerica Bancorporation in a report on Tuesday, February 27th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Westamerica Bancorporation has a consensus rating of “Sell” and an average target price of $54.67.
In other Westamerica Bancorporation news, CFO John A. Thorson sold 2,000 shares of the company’s stock in a transaction on Friday, April 27th. The stock was sold at an average price of $56.62, for a total value of $113,240.00. Following the completion of the sale, the chief financial officer now directly owns 2,000 shares in the company, valued at approximately $113,240. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Dennis R. Hansen sold 23,800 shares of the company’s stock in a transaction on Tuesday, April 24th. The shares were sold at an average price of $57.34, for a total value of $1,364,692.00. Following the completion of the sale, the senior vice president now owns 26,120 shares of the company’s stock, valued at $1,497,720.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,624 shares of company stock valued at $1,920,763. 4.50% of the stock is owned by company insiders.
Westamerica Bancorporation Company 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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