Ieq Capital LLC Takes $3.58 Million Position in Westamerica Bancorporation $WABC

Key Points

• Ieq Capital LLC acquired 60,977 shares of Westamerica Bancorporation valued at approximately $3.58 million, representing about 0.26% of the company. Institutional investors collectively own 81.89% of WABC.
• Westamerica reported quarterly EPS of $1.17, beating estimates by $0.07, while revenue of $62.77 million also exceeded expectations. The bank posted a 12.31% return on equity and a 41.71% net margin.
• The company paid a quarterly dividend of $0.48 per share, equal to an annualized $1.92 and a 3.3% yield. Analysts maintain an overall “Hold” rating with an average price target of $64, compared with a recent share price of $58.33.

Ieq Capital LLC bought a new stake in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 60,977 shares of the financial services provider's stock, valued at approximately $3,578,000. Ieq Capital LLC owned about 0.26% of Westamerica Bancorporation as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of WABC. Bessemer Group Inc. lifted its stake in Westamerica Bancorporation by 42.6% during the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 190 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Westamerica Bancorporation in the 2nd quarter worth $44,000. EverSource Wealth Advisors LLC raised its holdings in shares of Westamerica Bancorporation by 354.3% in the second 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 last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Westamerica Bancorporation by 49.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 351 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its position in shares of Westamerica Bancorporation by 7,286.7% during the fourth quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 1,093 shares in the last quarter. Institutional investors own 81.89% of the company's stock.

Westamerica Bancorporation Price Performance

Shares of NASDAQ WABC opened at $58.33 on Tuesday. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $63.61. The business's fifty day moving average price is $59.32 and its 200-day moving average price is $55.38. The stock has a market capitalization of $1.35 billion, a PE ratio of 12.85 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, topping 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 company had revenue of $62.77 million during the quarter, compared to analyst estimates of $61.60 million. During the same quarter last year, the firm 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 paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, August 3rd. Westamerica Bancorporation's dividend payout ratio is presently 42.29%.

Wall Street Analyst Weigh In

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