Edgestream Partners L.P. Invests $887,000 in Westamerica Bancorporation $WABC

Key Points

• Edgestream Partners L.P. bought 17,007 shares of Westamerica Bancorporation in the first quarter, valued at approximately $887,000. Institutional investors collectively own 81.89% of the company.
• Westamerica reported quarterly EPS of $1.17, exceeding the $1.10 consensus estimate, while revenue of $62.77 million also topped expectations. The bank posted a 41.71% net margin and 12.31% return on equity.
• The company declared a quarterly dividend of $0.48 per share, equivalent to $1.92 annually and a 3.2% yield. Analysts’ average rating is “Moderate Buy,” with a $64 price target versus the stock’s reported $60.42 opening price.

Edgestream Partners L.P. purchased a new position in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,007 shares of the financial services provider's stock, valued at approximately $887,000. Edgestream Partners L.P. owned approximately 0.07% of Westamerica Bancorporation as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in WABC. Royal Bank of Canada increased its position in Westamerica Bancorporation by 6.8% during the 1st quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider's stock worth $938,000 after purchasing an additional 1,183 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Westamerica Bancorporation by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider's stock valued at $773,000 after buying an additional 642 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of Westamerica Bancorporation in the first quarter valued at approximately $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Westamerica Bancorporation by 9.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider's stock valued at $3,243,000 after buying an additional 5,293 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in Westamerica Bancorporation by 815.8% during the first quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider's stock worth $3,416,000 after acquiring an additional 60,102 shares during the period. Institutional investors and hedge funds own 81.89% of the company's stock.

Westamerica Bancorporation Price Performance

Westamerica Bancorporation stock opened at $60.42 on Wednesday. The firm has a market capitalization of $1.42 billion, a PE ratio of 13.31 and a beta of 0.56. Westamerica Bancorporation has a 52 week low of $44.93 and a 52 week high of $63.61. The firm's 50-day simple moving average is $58.54 and its 200 day simple moving average is $54.53. The company has a quick ratio of 0.22, a current ratio of 0.20 and a debt-to-equity ratio of 0.15.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its earnings results on Thursday, July 16th. The financial services provider reported $1.17 earnings per share 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 net margin of 41.71% and a return on equity of 12.31%. During the same period last year, the firm posted $1.12 EPS.

Westamerica Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd 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 3.2%. The ex-dividend date of this dividend is Monday, August 3rd. Westamerica Bancorporation's dividend payout ratio (DPR) is 42.29%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wall Street Zen raised Westamerica Bancorporation from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Weiss Ratings reiterated a "buy (b)" rating on shares of Westamerica Bancorporation in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the company a "market perform" rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average 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.

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