Westamerica Bancorporation (NASDAQ:WABC) Stock Position Reduced by Palisade Capital Management LP

Palisade Capital Management LP trimmed its stake in Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 4.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 395,819 shares of the financial services provider's stock after selling 16,434 shares during the quarter. Palisade Capital Management LP owned approximately 1.48% of Westamerica Bancorporation worth $20,040,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in WABC. Sterling Capital Management LLC lifted 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 during the last quarter. Golden State Wealth Management LLC lifted 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 during the last quarter. Two Sigma Securities LLC bought a new stake in Westamerica Bancorporation in the fourth quarter valued at $201,000. Gallacher Capital Management LLC bought a new stake in Westamerica Bancorporation in the fourth quarter valued at $205,000. Finally, One Capital Management LLC acquired a new position in shares of Westamerica Bancorporation during the fourth quarter valued at $210,000. 81.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WABC has been the topic of a number of research analyst reports. Piper Sandler lowered their price target on Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Wall Street Zen raised Westamerica Bancorporation from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Keefe, Bruyette & Woods lowered their target price on Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating on the stock in a report on Monday, April 21st.

Insider Transactions at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 710 shares of Westamerica Bancorporation stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $48.16, for a total value of $34,193.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John A. Thorson sold 2,243 shares of Westamerica Bancorporation stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $48.57, for a total value of $108,942.51. Following the completion of the transaction, the senior vice president directly owned 11,591 shares in the company, valued at $562,974.87. This represents a 16.21% decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.30% of the company's stock.

Westamerica Bancorporation Trading Up 1.2%

NASDAQ:WABC traded up $0.59 during mid-day trading on Friday, reaching $51.37. 57,641 shares of the stock were exchanged, compared to its average volume of 138,420. The business has a fifty day moving average price of $48.67 and a 200 day moving average price of $49.57. The firm has a market capitalization of $1.34 billion, a PE ratio of 10.29 and a beta of 0.64. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its earnings results on Thursday, April 17th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.07. The firm had revenue of $66.71 million for the quarter, compared to analyst estimates of $66.47 million. Westamerica Bancorporation had a return on equity of 14.95% and a net margin of 44.10%. On average, sell-side analysts forecast that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were paid a $0.46 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.84 dividend on an annualized basis and a yield of 3.58%. This is a boost from Westamerica Bancorporation's previous quarterly dividend of $0.44. Westamerica Bancorporation's dividend payout ratio (DPR) is currently 36.87%.

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.