New York State Teachers Retirement System Trims Stock Holdings in Westamerica Bancorporation $WABC

Key Points

• New York State Teachers Retirement System sharply cut its Westamerica Bancorporation stake by 93.9% in the first quarter, leaving it with 2,240 shares valued at about $117,000.
• Westamerica Bancorporation beat earnings expectations for the quarter, reporting EPS of $1.13 versus the $1.08 consensus and revenue of $62.08 million.
• The bank also raised its quarterly dividend to $0.48 per share from $0.46, which works out to an annualized yield of about 3.3%.

New York State Teachers Retirement System lessened its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 93.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,240 shares of the financial services provider's stock after selling 34,384 shares during the quarter. New York State Teachers Retirement System's holdings in Westamerica Bancorporation were worth $117,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. UBS Group AG raised its position in shares of Westamerica Bancorporation by 279.4% in the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider's stock valued at $21,868,000 after purchasing an additional 336,714 shares in the last quarter. Millennium Management LLC grew its position in shares of Westamerica Bancorporation by 101.3% during the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider's stock worth $19,956,000 after buying an additional 200,884 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Westamerica Bancorporation by 35.9% in the fourth quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider's stock worth $18,263,000 after buying an additional 100,867 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Westamerica Bancorporation by 46.7% in the fourth quarter. MetLife Investment Management LLC now owns 228,658 shares of the financial services provider's stock worth $10,937,000 after buying an additional 72,760 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings in Westamerica Bancorporation by 63.4% in the second 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. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Robert James Baker, Jr. sold 759 shares of the business's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.90% of the company's stock.

Westamerica Bancorporation Price Performance

Shares of NASDAQ:WABC opened at $58.62 on Wednesday. The company has a market cap of $1.38 billion, a PE ratio of 13.06 and a beta of 0.56. Westamerica Bancorporation has a fifty-two week low of $44.93 and a fifty-two week high of $60.53. The firm has a 50-day simple moving average of $56.82 and a 200 day simple moving average of $53.26.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last issued its earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.05. The firm had revenue of $62.08 million for the quarter, compared to analysts' expectations 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 declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were issued a $0.48 dividend. This is a positive change from Westamerica Bancorporation's previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.92 annualized dividend and a dividend yield of 3.3%. Westamerica Bancorporation's dividend payout ratio (DPR) is 42.76%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the company a "market perform" rating in a research note on Friday, April 17th. Weiss Ratings raised shares of Westamerica Bancorporation from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $58.00.

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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