BlackRock Inc. Invests $195.71 Million in Westamerica Bancorporation $WABC

Key Points

• BlackRock acquired 3.34 million shares of Westamerica Bancorporation during the second quarter, valued at approximately $195.7 million and representing a 14.2% stake. Institutional investors collectively own 81.89% of the company.
• Westamerica reported quarterly EPS of $1.17, exceeding estimates of $1.10, while revenue reached $62.77 million. The bank also maintains a quarterly dividend of $0.48, equivalent to a 3.3% annual yield.
• Analyst sentiment remains neutral, with the stock carrying a consensus “Hold” rating and a $64 price target; WABC recently opened at $58.23.

BlackRock Inc. bought a new stake in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 3,335,703 shares of the financial services provider's stock, valued at approximately $195,706,000. BlackRock Inc. owned approximately 14.20% of Westamerica Bancorporation as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WABC. Bessemer Group Inc. lifted its stake in Westamerica Bancorporation by 42.6% during the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider's stock worth $33,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC grew its stake 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 purchasing an additional 666 shares during the period. Global Retirement Partners LLC acquired a new position in shares of Westamerica Bancorporation in the 2nd quarter worth approximately $44,000. PNC Financial Services Group Inc. raised 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 worth $50,000 after buying an additional 351 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its position in shares of Westamerica Bancorporation by 7,286.7% during the 4th quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider's stock worth $53,000 after buying an additional 1,093 shares during the period. Institutional investors own 81.89% of the company's stock.

Westamerica Bancorporation Price Performance

NASDAQ WABC opened at $58.23 on Friday. The stock's 50 day simple moving average is $59.34 and its 200 day simple moving average is $55.51. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $63.61. The firm has a market cap of $1.35 billion, a PE ratio of 12.83 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. The firm 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 quarter in the previous year, the company posted $1.12 EPS.

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, August 3rd. Westamerica Bancorporation's payout ratio is currently 42.29%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on WABC shares. Weiss Ratings lowered Westamerica Bancorporation from a "buy (b)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. 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 note on Friday, July 17th. Finally, Wall Street Zen raised Westamerica Bancorporation from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westamerica Bancorporation currently has an average rating of "Hold" and a consensus price target of $64.00.

About Westamerica Bancorporation

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.