Jupiter Topco LLC Takes Position in Westamerica Bancorporation $WABC

Jupiter Topco LLC acquired a new position in shares of Westamerica Bancorporation (NASDAQ:WABC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 11,748 shares of the financial services provider’s stock, valued at approximately $689,000. Jupiter Topco LLC owned approximately 0.05% of Westamerica Bancorporation as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WABC. BlackRock Inc. acquired a new stake in Westamerica Bancorporation in the second quarter valued at approximately $195,706,000. Dimensional Fund Advisors LP increased its position in shares of Westamerica Bancorporation by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock worth $49,265,000 after purchasing an additional 47,127 shares in the last quarter. UBS Group AG lifted its holdings in shares of Westamerica Bancorporation by 279.4% during the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after purchasing an additional 336,714 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Westamerica Bancorporation by 101.3% during the 3rd quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after purchasing an additional 200,884 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Westamerica Bancorporation by 35.9% in the 4th quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock worth $18,263,000 after purchasing an additional 100,867 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on WABC. Keefe, Bruyette & Woods raised their price target on Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Weiss Ratings downgraded shares of Westamerica Bancorporation from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $64.00.

Westamerica Bancorporation Price Performance

NASDAQ:WABC opened at $59.39 on Monday. The company has a 50 day moving average price of $59.34 and a 200-day moving average price of $55.79. Westamerica Bancorporation has a 1-year low of $44.93 and a 1-year high of $63.61. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 13.08 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.10 by $0.07. The company had revenue of $62.77 million for the quarter, compared to analyst estimates of $61.60 million. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.31%. During the same quarter last year, the business earned $1.12 earnings per share.

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were given a dividend of $0.48 per share. The ex-dividend date was Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.2%. Westamerica Bancorporation’s dividend payout ratio is currently 42.29%.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.