Assenagon Asset Management S.A. Reduces Stock Position in Westamerica Bancorporation $WABC

Assenagon Asset Management S.A. reduced its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 76.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,136 shares of the financial services provider's stock after selling 27,056 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Westamerica Bancorporation were worth $477,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Bessemer Group Inc. raised its holdings in shares of Westamerica Bancorporation by 42.6% in the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider's stock valued at $33,000 after buying an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Westamerica Bancorporation by 354.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider's stock valued at $41,000 after buying an additional 666 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Westamerica Bancorporation by 49.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider's stock valued at $50,000 after buying an additional 351 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Westamerica Bancorporation by 7,286.7% in the fourth quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider's stock valued at $53,000 after buying an additional 1,093 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Westamerica Bancorporation by 10,335.7% in the fourth quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider's stock valued at $70,000 after buying an additional 1,447 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company's stock.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ:WABC opened at $59.88 on Friday. The business's fifty day moving average price is $59.15 and its two-hundred day moving average price is $55.00. The stock has a market cap of $1.38 billion, a PE ratio of 13.19 and a beta of 0.56. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $63.61.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its 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 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 period in the prior year, the firm earned $1.12 EPS.

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 paid a $0.48 dividend. 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, August 3rd. Westamerica Bancorporation's dividend payout ratio (DPR) is presently 42.29%.

Analysts Set New Price Targets

WABC has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Wall Street Zen upgraded shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Finally, Weiss Ratings lowered shares of Westamerica Bancorporation from a "buy (b)" rating to a "hold (c+)" rating in a research report on Wednesday. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, Westamerica Bancorporation currently has a consensus rating of "Hold" and an average price target of $64.00.

Westamerica Bancorporation 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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