Bank of New York Mellon Corp bought a new stake in Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 211,466 shares of the financial services provider's stock, valued at approximately $12,407,000. Bank of New York Mellon Corp owned 0.90% of Westamerica Bancorporation at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. GAMMA Investing LLC grew its position in Westamerica Bancorporation by 36.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,327 shares of the financial services provider's stock worth $195,000 after purchasing an additional 890 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Westamerica Bancorporation by 48.0% in the first quarter. Bank of America Corp DE now owns 86,384 shares of the financial services provider's stock valued at $4,505,000 after buying an additional 28,009 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Westamerica Bancorporation in the first quarter valued at about $887,000. Royal Bank of Canada boosted its stake in shares of Westamerica Bancorporation by 1.9% during 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 period. Finally, Entropy Technologies LP acquired a new stake in shares of Westamerica Bancorporation during the first quarter worth about $352,000. Hedge funds and other institutional investors own 81.89% of the company's stock.
Westamerica Bancorporation Trading Up 0.2%
NASDAQ WABC opened at $58.17 on Wednesday. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 12.81 and a beta of 0.56. The business's 50 day moving average is $59.33 and its two-hundred day moving average is $55.64. Westamerica Bancorporation has a 12-month low of $44.93 and a 12-month high of $63.61.
Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a return on equity of 12.31% and a net margin of 41.71%.The business had revenue of $62.77 million during the quarter, compared to analysts' expectations of $61.60 million. During the same period last year, the firm earned $1.12 EPS.
Westamerica Bancorporation Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were issued a $0.48 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.3%. Westamerica Bancorporation's dividend payout ratio (DPR) is 42.29%.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the company. Wall Street Zen upgraded Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Weiss Ratings cut Westamerica Bancorporation from a "buy (b)" rating to a "hold (c+)" rating in a research report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods lifted their target price 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. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $64.00.
Check Out Our Latest Report on Westamerica Bancorporation
About Westamerica Bancorporation
(
Free Report)
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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