53,910 Shares in Westamerica Bancorporation $WABC Acquired by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 53,910 shares of Westamerica Bancorporation during the second quarter, worth approximately $3.16 million. Institutional investors collectively own 81.89% of the company.
• Westamerica reported quarterly EPS of $1.17, exceeding the $1.10 consensus estimate, while revenue reached $62.77 million versus expectations of $61.60 million.
• Analysts maintain a consensus “Hold” rating with a $64 price target. The company also pays a quarterly dividend of $0.48, representing a 3.2% annualized yield.

Legal & General Group Plc purchased a new position in Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 53,910 shares of the financial services provider's stock, valued at approximately $3,163,000. Legal & General Group Plc owned approximately 0.23% of Westamerica Bancorporation at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company purchased a new stake in shares of Westamerica Bancorporation in the second quarter worth $545,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Westamerica Bancorporation in the 2nd quarter worth $1,588,000. Northwestern Mutual Wealth Management Co. bought a new position in Westamerica Bancorporation during the 2nd quarter worth approximately $59,000. Ieq Capital LLC purchased a new stake in Westamerica Bancorporation during the 2nd quarter valued at $3,578,000. Finally, Allworth Financial LP purchased a new position in Westamerica Bancorporation during the 2nd quarter valued at about $289,000. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WABC. Keefe, Bruyette & Woods lifted their price target on Westamerica Bancorporation from $60.00 to $64.00 and gave the company a "market perform" rating in a research report on Friday, July 17th. Weiss Ratings cut 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 raised shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $64.00.

Westamerica Bancorporation Stock Performance

Shares of Westamerica Bancorporation stock opened at $59.39 on Friday. The stock has a market capitalization of $1.37 billion, a PE ratio of 13.08 and a beta of 0.56. Westamerica Bancorporation has a 52-week low of $44.93 and a 52-week high of $63.61. The company has a 50-day simple moving average of $59.34 and a two-hundred day simple moving average of $55.76.

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

Westamerica Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were given a $0.48 dividend. The ex-dividend date was Monday, August 3rd. This represents a $1.92 annualized dividend and a yield of 3.2%. Westamerica Bancorporation's dividend payout ratio (DPR) is currently 42.29%.

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.

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