Denali Advisors LLC Sells 86,700 Shares of Westamerica Bancorporation $WABC

Key Points

• Denali Advisors LLC sharply reduced its Westamerica Bancorporation stake by 83% in the fourth quarter, selling 86,700 shares and leaving it with 17,800 shares worth about $851,000.
• Westamerica Bancorporation reported better-than-expected quarterly results, posting EPS of $1.13 versus the $1.08 consensus and revenue of $62.08 million versus estimates of $60.70 million.
• The company also raised its quarterly dividend to $0.48 per share from $0.46, implying an annualized dividend of $1.92 and a yield of about 3.5%.

Denali Advisors LLC cut its position in Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 83.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,800 shares of the financial services provider's stock after selling 86,700 shares during the quarter. Denali Advisors LLC owned about 0.07% of Westamerica Bancorporation worth $851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of WABC. UBS Group AG increased its holdings in shares of Westamerica Bancorporation by 279.4% in 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. Millennium Management LLC increased its stake in Westamerica Bancorporation by 101.3% in the 3rd quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider's stock worth $19,956,000 after acquiring an additional 200,884 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Westamerica Bancorporation by 63.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 176,908 shares of the financial services provider's stock valued at $8,569,000 after acquiring an additional 68,638 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Westamerica Bancorporation by 815.8% in the 1st quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider's stock valued at $3,416,000 after acquiring an additional 60,102 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its position in shares of Westamerica Bancorporation by 285.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 58,718 shares of the financial services provider's stock valued at $2,935,000 after acquiring an additional 43,500 shares during the last quarter. 81.89% of the stock is owned by institutional investors.

Westamerica Bancorporation Stock Performance

Shares of WABC opened at $54.85 on Friday. Westamerica Bancorporation has a fifty-two week low of $44.93 and a fifty-two week high of $56.22. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 12.22 and a beta of 0.57. The firm has a 50 day moving average price of $52.32 and a 200-day moving average price of $50.30.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its earnings results on Thursday, April 16th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. The company had revenue of $62.08 million for the quarter, compared to analyst estimates of $60.70 million. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%.

Westamerica Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Monday, May 4th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from Westamerica Bancorporation's previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Monday, May 4th. Westamerica Bancorporation's payout ratio is 42.76%.

Analyst Ratings Changes

Several analysts have recently weighed in on WABC shares. Weiss Ratings upgraded shares of Westamerica Bancorporation from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods raised their price target on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a "market perform" rating in a research report on Friday, April 17th. Finally, Wall Street Zen lowered Westamerica Bancorporation from a "hold" rating to a "sell" rating in a research note on Saturday, February 14th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Westamerica Bancorporation presently has an average rating of "Moderate Buy" and an average price target of $58.00.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of Westamerica Bancorporation stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 5.90% of the company's stock.

Westamerica Bancorporation Company 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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