Russell Investments Group Ltd. Increases Position in Westamerica Bancorporation $WABC

Key Points

• Russell Investments Group Ltd. has increased its holdings in Westamerica Bancorporation by 3,675.0% during the 1st quarter, acquiring an additional 44,541 shares, bringing its total to 45,753 shares valued at $2.3 million.
• Westamerica Bancorporation's stock has been recently downgraded to a "sell" rating by Wall Street Zen, and analysts have lowered the target price from $55.00 to $54.00, maintaining a consensus price target of $52.00.
• Westamerica Bancorporation declared a quarterly dividend of $0.46 per share, representing an annualized dividend of $1.84 and a yield of 3.7%, with a payout ratio of 38.49%.

Russell Investments Group Ltd. boosted its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 3,675.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,753 shares of the financial services provider's stock after purchasing an additional 44,541 shares during the period. Russell Investments Group Ltd. owned about 0.17% of Westamerica Bancorporation worth $2,316,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WABC. Renaissance Technologies LLC bought a new stake in Westamerica Bancorporation during the fourth quarter worth $1,303,000. Raymond James Financial Inc. bought a new stake in Westamerica Bancorporation during the fourth quarter worth $3,647,000. Barclays PLC lifted its stake in Westamerica Bancorporation by 2.7% during the fourth quarter. Barclays PLC now owns 54,181 shares of the financial services provider's stock worth $2,842,000 after purchasing an additional 1,426 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of Westamerica Bancorporation by 4.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 34,970 shares of the financial services provider's stock valued at $1,833,000 after acquiring an additional 1,410 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Westamerica Bancorporation by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 875,300 shares of the financial services provider's stock valued at $45,919,000 after acquiring an additional 9,928 shares during the last quarter. 81.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Wall Street Zen lowered Westamerica Bancorporation from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Keefe, Bruyette & Woods cut 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. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westamerica Bancorporation currently has a consensus rating of "Hold" and an average target price of $52.00.

Westamerica Bancorporation Price Performance

Shares of WABC traded down $0.02 during mid-day trading on Friday, reaching $50.01. 262,540 shares of the stock traded hands, compared to its average volume of 152,520. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 10.46 and a beta of 0.63. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year high of $59.97. The firm has a fifty day moving average price of $49.39 and a 200 day moving average price of $49.01. 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 (NASDAQ:WABC - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.12 earnings per share 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 analysts' expectations of $65.80 million. Westamerica Bancorporation had a net margin of 43.69% and a return on equity of 13.81%. As a group, equities research analysts predict that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders 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 annualized dividend and a dividend yield of 3.7%. Westamerica Bancorporation's dividend payout ratio is presently 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.