Westamerica Bancorporation (NASDAQ:WABC) Stock Position Reduced by Rafferty Asset Management LLC

Rafferty Asset Management LLC cut its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 10.8% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,495 shares of the financial services provider’s stock after selling 2,614 shares during the period. Rafferty Asset Management LLC’s holdings in Westamerica Bancorporation were worth $1,128,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Westamerica Bancorporation by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 3,505,495 shares of the financial services provider’s stock valued at $183,898,000 after purchasing an additional 34,762 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Westamerica Bancorporation by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 875,300 shares of the financial services provider’s stock valued at $45,919,000 after purchasing an additional 9,928 shares in the last quarter. Geode Capital Management LLC grew its position in Westamerica Bancorporation by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 753,088 shares of the financial services provider’s stock valued at $39,515,000 after purchasing an additional 17,649 shares in the last quarter. Northern Trust Corp grew its position in Westamerica Bancorporation by 17.7% during the fourth quarter. Northern Trust Corp now owns 393,998 shares of the financial services provider’s stock valued at $20,669,000 after purchasing an additional 59,325 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in Westamerica Bancorporation by 18.6% during the fourth quarter. Nuveen Asset Management LLC now owns 334,637 shares of the financial services provider’s stock valued at $17,555,000 after purchasing an additional 52,399 shares in the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

Westamerica Bancorporation Stock Performance

WABC stock opened at $49.18 on Thursday. The company has a quick ratio of 0.26, a current ratio of 0.27 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 9.46 and a beta of 0.64. Westamerica Bancorporation has a 12 month low of $42.00 and a 12 month high of $59.97. The firm has a 50 day moving average of $48.53 and a two-hundred day moving average of $51.42.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, April 17th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.07. Westamerica Bancorporation had a net margin of 44.55% and a return on equity of 16.15%. The business had revenue of $66.71 million for the quarter, compared to analyst estimates of $66.47 million. As a group, equities analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were paid a $0.46 dividend. The ex-dividend date of this dividend was Monday, May 5th. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.44. This represents a $1.84 dividend on an annualized basis and a yield of 3.74%. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 36.87%.

Insider Activity at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 710 shares of the firm’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $48.16, for a total value of $34,193.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John A. Thorson sold 2,243 shares of the firm’s stock in a transaction on Monday, April 28th. The shares were sold at an average price of $48.57, for a total transaction of $108,942.51. Following the completion of the transaction, the senior vice president now owns 11,591 shares in the company, valued at $562,974.87. The trade was a 16.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Piper Sandler lowered their price objective on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods decreased their target price on shares of Westamerica Bancorporation from $58.00 to $55.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. Finally, StockNews.com raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th.

About Westamerica Bancorporation

Westamerica Bancorporation operates as a bank holding company for the 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.