Bank of America Corp DE Buys 74,309 Shares of Westamerica Bancorporation $WABC

Key Points

• Bank of America acquired 74,309 shares of Westamerica Bancorporation in the second quarter, valued at approximately $4.36 million and representing about 0.32% of the company. Institutional investors collectively own 81.89% of WABC.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and a $64 price target. WABC recently traded at $59.38, within its 52-week range of $44.93 to $63.61.
• Westamerica exceeded quarterly earnings expectations, reporting $1.17 in EPS versus the $1.10 consensus and $62.77 million in revenue. The company also pays a $0.48 quarterly dividend, equivalent to a 3.2% yield.

Bank of America Corp DE acquired a new position in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 74,309 shares of the financial services provider's stock, valued at approximately $4,360,000. Bank of America Corp DE owned approximately 0.32% of Westamerica Bancorporation at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Bessemer Group Inc. boosted its stake in Westamerica Bancorporation by 42.6% during the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Westamerica Bancorporation by 19.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,171 shares of the financial services provider's stock valued at $56,000 after acquiring an additional 194 shares during the period. Royal Bank of Canada increased its position in Westamerica Bancorporation by 1.9% in the first quarter. Royal Bank of Canada now owns 15,039 shares of the financial services provider's stock worth $784,000 after buying an additional 278 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Westamerica Bancorporation by 57.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,660 shares of the financial services provider's stock worth $87,000 after acquiring an additional 605 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in shares of Westamerica Bancorporation in the second quarter worth about $44,000. Institutional investors and hedge funds own 81.89% of the company's stock.

Wall Street Analysts Forecast Growth

WABC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on Westamerica Bancorporation from $60.00 to $64.00 and gave the company a "market perform" rating in a research note 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 downgraded Westamerica Bancorporation from a "buy (b)" rating to a "hold (c+)" rating in a research report on Wednesday, August 12th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $64.00.

Westamerica Bancorporation Price Performance

Shares of NASDAQ WABC opened at $59.38 on Tuesday. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $63.61. The stock has a market capitalization of $1.37 billion, a P/E ratio of 13.08 and a beta of 0.56. The company's 50-day moving average is $59.39 and its 200 day moving average is $56.70.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.17 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.07. The firm had revenue of $62.77 million for the quarter, compared to analysts' expectations 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 in the previous year, the business posted $1.12 EPS.

Westamerica Bancorporation Dividend Announcement

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

About Westamerica Bancorporation

Westamerica Bancorporation NASDAQ: WABC is a bank holding company headquartered in San Rafael, California. Through its principal subsidiary, Westamerica Bank, the company provides community banking services to individuals, businesses and organizations.

Westamerica Bank offers deposit accounts, commercial and consumer lending, real estate loans, cash-management and treasury services, online and mobile banking, and other financial services. Its lending activities include loans for business operations, commercial real estate, residential real estate and personal needs.

The company serves customers primarily in Northern and Central California through a network of banking offices and digital channels.

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