T. Rowe Price Investment Management Inc. Sells 18,860 Shares of Westamerica Bancorporation $WABC

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Westamerica Bancorporation by 4.8%, selling 18,860 shares, leaving it with approximately 373,072 shares valued at $18.89 million.
• The company recently reported an EPS of $1.12 for the last quarter, exceeding the consensus estimate, although its revenue fell short of expectations at $64.88 million.
• Westamerica Bancorporation declared a quarterly dividend of $0.46 per share, which translates to an annualized dividend yield of 3.6%.

T. Rowe Price Investment Management Inc. trimmed its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 373,072 shares of the financial services provider's stock after selling 18,860 shares during the period. T. Rowe Price Investment Management Inc. owned about 1.40% of Westamerica Bancorporation worth $18,889,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC raised its holdings in shares of Westamerica Bancorporation by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider's stock worth $126,000 after purchasing an additional 1,245 shares during the period. Two Sigma Securities LLC bought a new position in Westamerica Bancorporation in the 4th quarter worth approximately $201,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Westamerica Bancorporation in the fourth quarter worth $213,000. Allworth Financial LP raised its stake 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 period. Finally, Entropy Technologies LP purchased a new stake in Westamerica Bancorporation during the 1st quarter worth about $232,000. 81.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WABC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut their price target 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. Wall Street Zen lowered Westamerica Bancorporation from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $52.00.

Westamerica Bancorporation Trading Down 0.0%

WABC traded down $0.02 during midday trading on Friday, reaching $50.01. 262,540 shares of the company's stock traded hands, compared to its average volume of 143,840. The firm has a fifty day moving average of $49.46 and a two-hundred day moving average of $49.00. Westamerica Bancorporation has a 52 week low of $42.00 and a 52 week high of $59.97. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 10.46 and a beta of 0.63. 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 (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.11 by $0.01. Westamerica Bancorporation had a return on equity of 13.81% and a net margin of 43.69%.The business had revenue of $64.88 million during the quarter, compared to analyst estimates of $65.80 million. On average, equities analysts anticipate that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal 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 dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, August 4th. Westamerica Bancorporation's dividend payout ratio is presently 38.49%.

About Westamerica Bancorporation

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.