Westamerica Bancorporation $WABC Position Increased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Westamerica Bancorporation stake by 59.6% in the first quarter to 152,431 shares, while institutional investors collectively own 81.89% of WABC.
• Westamerica reported quarterly earnings of $1.17 per share, beating estimates by $0.07, alongside revenue of $62.77 million. The stock opened at $60.32, near its 52-week high of $63.61.
• The company declared a quarterly dividend of $0.48 per share, or $1.92 annualized, representing a 3.2% yield. Analysts give the stock a “Moderate Buy” consensus rating with an average price target of $64.

Renaissance Technologies LLC boosted its stake in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 59.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 152,431 shares of the financial services provider's stock after purchasing an additional 56,900 shares during the quarter. Renaissance Technologies LLC owned approximately 0.65% of Westamerica Bancorporation worth $7,949,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its stake in Westamerica Bancorporation by 64.1% in the first quarter. First Trust Advisors LP now owns 130,982 shares of the financial services provider's stock valued at $6,831,000 after buying an additional 51,148 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Westamerica Bancorporation by 57.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,660 shares of the financial services provider's stock worth $87,000 after acquiring an additional 605 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Westamerica Bancorporation by 5.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider's stock worth $49,265,000 after acquiring an additional 47,127 shares during the period. Bessemer Group Inc. increased its holdings in shares of Westamerica Bancorporation by 42.6% in the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider's stock worth $33,000 after acquiring an additional 190 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Westamerica Bancorporation by 0.5% in the 1st quarter. Bank of New York Mellon Corp now owns 209,513 shares of the financial services provider's stock valued at $10,926,000 after purchasing an additional 962 shares during the last quarter. 81.89% of the stock is currently owned by institutional investors.

Westamerica Bancorporation Trading Up 0.3%

Westamerica Bancorporation stock opened at $60.32 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.22 and a current ratio of 0.20. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 13.29 and a beta of 0.56. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $63.61. The firm's 50 day moving average price is $58.45 and its two-hundred day moving average price is $54.44.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.07. The business had revenue of $62.77 million during the quarter, compared to analyst estimates of $61.60 million. Westamerica Bancorporation had a return on equity of 12.31% and a net margin of 41.71%.During the same period last year, the company posted $1.12 EPS.

Westamerica Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be paid a $0.48 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.2%. Westamerica Bancorporation's dividend payout ratio (DPR) is currently 42.29%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Westamerica Bancorporation in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their price target on Westamerica Bancorporation from $60.00 to $64.00 and gave the company a "market perform" rating in a report on Friday, July 17th. Finally, Wall Street Zen upgraded Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Westamerica Bancorporation currently has an average rating of "Moderate Buy" and an average target price of $64.00.

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.

Want to see what other hedge funds are holding WABC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westamerica Bancorporation (NASDAQ:WABC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source