Nuveen LLC Makes New $17.02 Million Investment 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 position in Westamerica Bancorporation (NASDAQ:WABC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Sterling Capital Management LLC increased its stake in Westamerica Bancorporation by 815.6% in the 4th quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider's stock worth $43,000 after buying an additional 734 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Westamerica Bancorporation by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider's stock valued at $126,000 after purchasing an additional 1,245 shares during the last quarter. Two Sigma Securities LLC bought a new position in shares of Westamerica Bancorporation during the 4th quarter valued at about $201,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Westamerica Bancorporation during the 4th quarter valued at about $213,000. Finally, Allworth Financial LP boosted its holdings in shares of Westamerica Bancorporation by 13.0% during the 1st quarter. Allworth Financial LP now owns 4,426 shares of the financial services provider's stock valued at $214,000 after purchasing an additional 510 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company's stock.

Westamerica Bancorporation Trading Up 0.3%

Shares of NASDAQ:WABC traded up $0.14 during trading on Tuesday, reaching $50.15. The company's stock had a trading volume of 162,470 shares, compared to its average volume of 147,050. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.11. Westamerica Bancorporation has a 12 month low of $42.00 and a 12 month high of $59.97. The firm's 50 day simple moving average is $49.22 and its two-hundred day simple moving average is $49.00. The stock has a market capitalization of $1.28 billion, a PE ratio of 10.49 and a beta of 0.63.

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

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Monday, August 4th were issued a $0.46 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.7%. Westamerica Bancorporation's dividend payout ratio (DPR) is presently 38.49%.

Analysts Set New Price Targets

Several research firms have commented on WABC. Wall Street Zen downgraded shares of Westamerica Bancorporation from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Keefe, Bruyette & Woods dropped their price objective on shares of Westamerica Bancorporation from $55.00 to $54.00 and set a "market perform" rating for the company in a report on Monday, July 21st. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $52.00.

Westamerica Bancorporation 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.