MQS Management LLC Takes Position in Westamerica Bancorporation (NASDAQ:WABC)

MQS Management LLC purchased a new position in shares of Westamerica Bancorporation (NASDAQ:WABC) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,810 shares of the financial services provider’s stock, valued at approximately $294,000.

Several other institutional investors have also recently made changes to their positions in WABC. GAMMA Investing LLC increased its stake in Westamerica Bancorporation by 4,946.6% during the first quarter. GAMMA Investing LLC now owns 109,310 shares of the financial services provider’s stock worth $5,534,000 after acquiring an additional 107,144 shares during the last quarter. Invenomic Capital Management LP purchased a new position in shares of Westamerica Bancorporation during the 4th quarter worth $5,437,000. Raymond James Financial Inc. acquired a new stake in shares of Westamerica Bancorporation during the 4th quarter worth about $3,647,000. Norges Bank purchased a new stake in Westamerica Bancorporation in the 4th quarter valued at about $3,564,000. Finally, JPMorgan Chase & Co. lifted its position in Westamerica Bancorporation by 74.7% in the fourth quarter. JPMorgan Chase & Co. now owns 142,330 shares of the financial services provider’s stock valued at $7,467,000 after buying an additional 60,871 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Price Performance

NASDAQ WABC opened at $51.89 on Tuesday. The company has a market cap of $1.36 billion, a P/E ratio of 10.40 and a beta of 0.64. The stock has a 50-day moving average of $48.91 and a two-hundred day moving average of $49.51. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.07. The firm had revenue of $66.71 million during the quarter, compared to analysts’ expectations of $66.47 million. Westamerica Bancorporation had a net margin of 44.10% and a return on equity of 14.95%. On average, analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Monday, May 5th were paid a $0.46 dividend. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Monday, May 5th. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 36.87%.

Insiders Place Their Bets

In other Westamerica Bancorporation news, SVP John A. Thorson sold 2,243 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $48.57, for a total transaction of $108,942.51. Following the sale, the senior vice president owned 11,591 shares in the company, valued at $562,974.87. This represents a 16.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Robert James Baker, Jr. sold 710 shares of Westamerica Bancorporation stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $48.16, for a total value of $34,193.60. The disclosure for this sale can be found here. Company insiders own 5.30% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on WABC. Piper Sandler dropped their price target on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods cut their target price on Westamerica Bancorporation from $58.00 to $55.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st. Finally, Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Friday, June 27th.

Westamerica Bancorporation Company Profile

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.