Assenagon Asset Management S.A. Buys New Holdings in Westamerica Bancorporation $WABC

Assenagon Asset Management S.A. purchased a new position in shares of Westamerica Bancorporation (NASDAQ:WABC) during the first quarter, Holdings Channel.com reports. The institutional investor purchased 35,192 shares of the financial services provider’s stock, valued at approximately $1,835,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its stake in shares of Westamerica Bancorporation by 19.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,171 shares of the financial services provider’s stock valued at $56,000 after buying an additional 194 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Westamerica Bancorporation by 0.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 42,725 shares of the financial services provider’s stock valued at $2,044,000 after purchasing an additional 201 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Westamerica Bancorporation by 0.7% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider’s stock worth $1,570,000 after buying an additional 213 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Westamerica Bancorporation by 1.7% during the 4th quarter. Royal Bank of Canada now owns 14,761 shares of the financial services provider’s stock worth $706,000 after buying an additional 241 shares during the period. Finally, US Bancorp DE lifted its position in shares of Westamerica Bancorporation by 6.3% during the 3rd quarter. US Bancorp DE now owns 4,918 shares of the financial services provider’s stock worth $246,000 after buying an additional 290 shares during the period. Institutional investors own 81.89% of the company’s stock.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.90% of the company’s stock.

Westamerica Bancorporation Trading Up 2.4%

NASDAQ:WABC opened at $60.08 on Thursday. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $60.27. The firm has a 50 day moving average of $56.07 and a 200-day moving average of $52.68. The stock has a market capitalization of $1.41 billion, a P/E ratio of 13.38 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.The business had revenue of $62.08 million for the quarter, compared to analyst estimates of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were paid a $0.48 dividend. This is an increase from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, May 4th. Westamerica Bancorporation’s payout ratio is presently 42.76%.

Wall Street Analyst Weigh In

WABC has been the topic of a number of analyst reports. Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods lifted their price objective on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a report on Friday, April 17th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Westamerica Bancorporation Company Profile

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.