Public Employees Retirement System of Ohio Lowers Holdings in Westamerica Bancorporation $WABC

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in Westamerica Bancorporation by 93.4%, selling 29,772 shares during the second quarter.
• Several institutional investors have increased their stakes in Westamerica Bancorporation, with significant increases from firms like Envestnet Asset Management and Allworth Financial.
• Westamerica Bancorporation reported an EPS of $1.12 for the last quarter, slightly exceeding analysts' expectations, and announced a quarterly dividend of $0.46 per share.

Public Employees Retirement System of Ohio cut its holdings in Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 93.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,117 shares of the financial services provider's stock after selling 29,772 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Westamerica Bancorporation were worth $103,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. raised its stake in Westamerica Bancorporation by 4.5% in the first quarter. Envestnet Asset Management Inc. now owns 8,325 shares of the financial services provider's stock valued at $421,000 after buying an additional 362 shares during the last quarter. 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Westamerica Bancorporation by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider's stock valued at $773,000 after buying an additional 642 shares during the last quarter. US Bancorp DE raised its stake in Westamerica Bancorporation by 19.9% in the first quarter. US Bancorp DE now owns 4,698 shares of the financial services provider's stock valued at $238,000 after buying an additional 780 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in Westamerica Bancorporation by 6.8% in the first quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider's stock valued at $938,000 after buying an additional 1,183 shares during the last quarter. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on WABC shares. Wall Street Zen upgraded Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Saturday. Keefe, Bruyette & Woods decreased their price target on Westamerica Bancorporation from $55.00 to $54.00 and set a "market perform" rating for the company in a research note on Monday, July 21st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Westamerica Bancorporation in a research note on Saturday, September 27th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westamerica Bancorporation presently has an average rating of "Hold" and an average price target of $52.00.

Westamerica Bancorporation Trading Down 0.5%

Shares of NASDAQ:WABC opened at $47.50 on Wednesday. Westamerica Bancorporation has a 52-week low of $42.00 and a 52-week high of $59.97. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 9.94 and a beta of 0.61. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average price of $49.03 and a 200-day moving average price of $48.75.

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 the consensus estimate of $1.11 by $0.01. The firm had revenue of $64.88 million for the quarter, compared to analyst estimates of $65.80 million. Westamerica Bancorporation had a return on equity of 13.81% and a net margin of 43.69%. Equities analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Monday, August 4th were issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Monday, August 4th. Westamerica Bancorporation's dividend payout ratio (DPR) 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.

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