Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Westamerica Bancorporation $WABC

Key Points

• Connor Clark & Lunn Investment Management acquired 27,060 shares of Westamerica Bancorporation in the second quarter, worth approximately $1.59 million. Institutional investors collectively own 81.89% of the company.
• Westamerica exceeded quarterly expectations, reporting $1.17 in EPS versus the $1.10 consensus estimate and revenue of $62.77 million versus $61.60 million expected.
• The bank pays a quarterly dividend of $0.48 per share, equivalent to a 3.3% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $64, compared with a recent share price of $58.07.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 27,060 shares of the financial services provider's stock, valued at approximately $1,588,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of Westamerica Bancorporation as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in WABC. BlackRock Inc. bought a new position in shares of Westamerica Bancorporation in the 2nd quarter worth about $195,706,000. UBS Group AG raised its position in shares of Westamerica Bancorporation by 279.4% during the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider's stock worth $21,868,000 after purchasing an additional 336,714 shares during the period. Bank of New York Mellon Corp bought a new position in Westamerica Bancorporation in the 2nd quarter valued at about $12,407,000. Millennium Management LLC lifted its holdings in shares of Westamerica Bancorporation by 101.3% in the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider's stock valued at $19,956,000 after purchasing an additional 200,884 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Westamerica Bancorporation by 35.9% during the 4th quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider's stock worth $18,263,000 after acquiring an additional 100,867 shares during the last quarter. Institutional investors and hedge funds own 81.89% of the company's stock.

Westamerica Bancorporation Price Performance

Shares of NASDAQ:WABC opened at $58.07 on Friday. The company has a market cap of $1.34 billion, a PE ratio of 12.79 and a beta of 0.56. The stock's 50-day moving average is $59.35 and its 200 day moving average is $55.53. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $63.61.

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

Westamerica Bancorporation Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods upped 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. Weiss Ratings lowered shares of Westamerica Bancorporation from a "buy (b)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen raised Westamerica Bancorporation from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold" and an average target price 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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