Nuveen LLC Purchases New Holdings in Westamerica Bancorporation $WABC

Key Points

• Nuveen LLC has acquired 336,224 shares of Westamerica Bancorporation, worth approximately $17,023,000, increasing its stake to 1.26% in the company.
• Westamerica Bancorporation recently announced a quarterly dividend payment of $0.46 per share, which represents an annualized dividend yield of 3.8% and a payout ratio of 38.49%.
• Wall Street analysts have lowered Westamerica Bancorporation's rating from "hold" to "sell," with a consensus price target of $52.00 for the stock.

Nuveen LLC purchased a new stake in Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 336,224 shares of the financial services provider's stock, valued at approximately $17,023,000. Nuveen LLC owned approximately 1.26% of Westamerica Bancorporation at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sterling Capital Management LLC raised its stake in Westamerica Bancorporation by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider's stock valued at $43,000 after buying an additional 734 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Westamerica Bancorporation by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider's stock valued at $126,000 after buying an additional 1,245 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in Westamerica Bancorporation in the fourth quarter valued at $201,000. Susquehanna Fundamental Investments LLC acquired a new stake in Westamerica Bancorporation in the fourth quarter valued at $213,000. Finally, Allworth Financial LP raised its stake in Westamerica Bancorporation by 13.0% in the first quarter. Allworth Financial LP now owns 4,426 shares of the financial services provider's stock valued at $214,000 after buying an additional 510 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WABC. Wall Street Zen cut Westamerica Bancorporation from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Keefe, Bruyette & Woods cut their target price on Westamerica Bancorporation from $55.00 to $54.00 and set a "market perform" rating on the stock in a research report on Monday, July 21st. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Westamerica Bancorporation has an average rating of "Hold" and a consensus target price of $52.00.

Westamerica Bancorporation Stock Performance

Shares of WABC traded up $2.04 during midday trading on Friday, reaching $50.74. 254,544 shares of the stock were exchanged, compared to its average volume of 140,532. The business's 50-day moving average price is $49.07 and its 200 day moving average price is $49.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.29 and a quick ratio of 0.29. Westamerica Bancorporation has a twelve month low of $42.00 and a twelve month high of $59.97. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 10.62 and a beta of 0.63.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its earnings results on Thursday, July 17th. The financial services provider reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.01. The business had revenue of $64.88 million for the quarter, compared to analysts' expectations of $65.80 million. Westamerica Bancorporation had a return on equity of 13.81% and a net margin of 43.69%. On average, sell-side analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Monday, August 4th were given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, August 4th. Westamerica Bancorporation's payout ratio is 38.49%.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.