Westamerica Bancorporation $WABC Position Cut by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd cut its Westamerica Bancorporation stake by 92.1% in the first quarter, leaving it with 4,002 shares valued at about $209,000.
• Westamerica Bancorporation reported better-than-expected quarterly results, posting EPS of $1.13 versus estimates of $1.08 and revenue of $62.08 million versus $60.70 million expected.
• The company also raised its quarterly dividend to $0.48 per share, or $1.92 annualized, for a 3.3% yield; analysts currently rate the stock a Moderate Buy with a $58 target price.

Y Intercept Hong Kong Ltd reduced its holdings in Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 92.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,002 shares of the financial services provider's stock after selling 46,524 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Westamerica Bancorporation were worth $209,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of Westamerica Bancorporation by 43.9% in the third quarter. JPMorgan Chase & Co. now owns 98,266 shares of the financial services provider's stock worth $4,912,000 after purchasing an additional 29,964 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Westamerica Bancorporation by 87.4% during the fourth quarter. SG Americas Securities LLC now owns 32,499 shares of the financial services provider's stock valued at $1,554,000 after purchasing an additional 15,157 shares in the last quarter. UBS Group AG raised its stake in shares of Westamerica Bancorporation by 279.4% during the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider's stock valued at $21,868,000 after purchasing an additional 336,714 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Westamerica Bancorporation in the first quarter worth about $1,835,000. Finally, WINTON GROUP Ltd lifted its holdings in Westamerica Bancorporation by 92.1% in the fourth quarter. WINTON GROUP Ltd now owns 46,347 shares of the financial services provider's stock worth $2,217,000 after purchasing an additional 22,224 shares during the period. Institutional investors own 81.89% of the company's stock.

Westamerica Bancorporation Stock Performance

Shares of WABC stock opened at $59.02 on Thursday. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $60.53. The business's fifty day moving average is $56.90 and its 200-day moving average is $53.33. The stock has a market cap of $1.39 billion, a PE ratio of 13.14 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.The business had revenue of $62.08 million during the quarter, compared to analyst estimates of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a $0.48 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.92 annualized dividend and a dividend yield of 3.3%. This is an increase from Westamerica Bancorporation's previous quarterly dividend of $0.46. Westamerica Bancorporation's dividend payout ratio is presently 42.76%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the company a "market perform" rating in a research note on Friday, April 17th. Weiss Ratings raised shares of Westamerica Bancorporation from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $58.00.

Insider Activity

In related news, SVP Robert James Baker, Jr. sold 759 shares of the business's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $53.83, for a total value of $40,856.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.90% of the stock is owned by corporate insiders.

About Westamerica Bancorporation

Westamerica Bancorporation NASDAQ: WABC is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company's lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.

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