Invenomic Capital Management LP Makes New Investment 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 Form 13F filing with the SEC. The fund bought 103,648 shares of the financial services provider's stock, valued at approximately $5,437,000. Invenomic Capital Management LP owned about 0.39% of Westamerica Bancorporation at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Westamerica Bancorporation by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 3,505,495 shares of the financial services provider's stock worth $183,898,000 after purchasing an additional 34,762 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Westamerica Bancorporation by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 875,300 shares of the financial services provider's stock worth $45,919,000 after acquiring an additional 9,928 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Westamerica Bancorporation by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 753,088 shares of the financial services provider's stock worth $39,515,000 after acquiring an additional 17,649 shares in the last quarter. Northern Trust Corp raised its holdings in Westamerica Bancorporation by 17.7% during the 4th quarter. Northern Trust Corp now owns 393,998 shares of the financial services provider's stock valued at $20,669,000 after buying an additional 59,325 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Westamerica Bancorporation by 3.8% during the 4th quarter. Principal Financial Group Inc. now owns 144,864 shares of the financial services provider's stock valued at $7,600,000 after buying an additional 5,368 shares during the last quarter. 81.89% of the stock is owned by institutional investors.

Westamerica Bancorporation Stock Performance

NASDAQ WABC traded down $0.10 on Friday, hitting $50.60. 223,846 shares of the company's stock traded hands, compared to its average volume of 134,347. 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 has a 1-year low of $42.00 and a 1-year high of $59.97. The firm's 50-day moving average price is $48.58 and its two-hundred day moving average price is $51.46. The firm has a market capitalization of $1.32 billion, a PE ratio of 9.73 and a beta of 0.64.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.07. The firm 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, analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Monday, May 5th were given a $0.46 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.84 dividend on an annualized basis and a yield of 3.64%. This is a boost from Westamerica Bancorporation's previous quarterly dividend of $0.44. Westamerica Bancorporation's dividend payout ratio is presently 36.87%.

Analyst Ratings Changes

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

Insider Buying and Selling at Westamerica Bancorporation

In other news, SVP John A. Thorson sold 2,243 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $48.57, for a total transaction of $108,942.51. Following the transaction, the senior vice president now directly owns 11,591 shares in the company, valued at approximately $562,974.87. This trade 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 Westamerica Bancorporation stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $48.16, for a total transaction of $34,193.60. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by corporate insiders.

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.