Invenomic Capital Management LP Acquires New Position in Westamerica Bancorporation (NASDAQ:WABC)

Invenomic Capital Management LP bought a new position in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 103,648 shares of the financial services provider's stock, valued at approximately $5,437,000. Invenomic Capital Management LP owned 0.39% of Westamerica Bancorporation as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. WINTON GROUP Ltd increased its position in shares of Westamerica Bancorporation by 1.1% during the fourth quarter. WINTON GROUP Ltd now owns 21,619 shares of the financial services provider's stock worth $1,134,000 after purchasing an additional 227 shares in the last quarter. Swiss National Bank raised its stake in Westamerica Bancorporation by 0.8% in the fourth quarter. Swiss National Bank now owns 52,500 shares of the financial services provider's stock valued at $2,754,000 after buying an additional 400 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in Westamerica Bancorporation by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider's stock worth $43,000 after acquiring an additional 734 shares in the last quarter. KBC Group NV boosted its holdings in Westamerica Bancorporation by 71.4% in the fourth quarter. KBC Group NV now owns 1,974 shares of the financial services provider's stock worth $104,000 after acquiring an additional 822 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Westamerica Bancorporation by 5.8% in the fourth quarter. MetLife Investment Management LLC now owns 15,607 shares of the financial services provider's stock worth $819,000 after acquiring an additional 856 shares in the last quarter. Institutional investors own 81.89% of the company's stock.

Insider Transactions at Westamerica Bancorporation

In related news, SVP John A. Thorson sold 2,243 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $48.57, for a total value of $108,942.51. Following the completion of the transaction, the senior vice president now directly owns 11,591 shares in the company, valued at approximately $562,974.87. This represents a 16.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Robert James Baker, Jr. sold 710 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $48.16, for a total value of $34,193.60. The disclosure for this sale can be found here. Insiders own 5.30% of the company's stock.

Westamerica Bancorporation Price Performance

NASDAQ:WABC traded up $0.33 during trading hours on Thursday, hitting $50.70. 252,131 shares of the stock were exchanged, compared to its average volume of 133,579. Westamerica Bancorporation has a 52-week low of $42.00 and a 52-week high of $59.97. The company has a market cap of $1.33 billion, a P/E ratio of 9.75 and a beta of 0.64. The firm's fifty day moving average price is $48.54 and its 200 day moving average price is $51.49. The company has a current ratio of 0.27, a quick ratio of 0.26 and a debt-to-equity ratio of 0.15.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its earnings results on Thursday, April 17th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.07. The business had revenue of $66.71 million during the quarter, compared to analyst estimates of $66.47 million. Westamerica Bancorporation had a net margin of 44.55% and a return on equity of 16.15%. As a group, equities research analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Monday, May 5th will be paid a $0.46 dividend. This is a boost from Westamerica Bancorporation's previous quarterly dividend of $0.44. The ex-dividend date is Monday, May 5th. This represents a $1.84 annualized dividend and a dividend yield of 3.63%. Westamerica Bancorporation's dividend payout ratio is 36.87%.

Analysts Set New Price Targets

WABC has been the topic of a number of research reports. StockNews.com upgraded shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Tuesday. Piper Sandler cut their target price on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their target price on shares of Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating for the company in a report on Monday, April 21st.

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.