Northern Trust Corp Buys 59,325 Shares of Westamerica Bancorporation (NASDAQ:WABC)

Northern Trust Corp increased its holdings in Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 17.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 393,998 shares of the financial services provider's stock after purchasing an additional 59,325 shares during the quarter. Northern Trust Corp owned 1.48% of Westamerica Bancorporation worth $20,669,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WABC. WINTON GROUP Ltd boosted its stake in shares of Westamerica Bancorporation by 1.1% during the 4th quarter. WINTON GROUP Ltd now owns 21,619 shares of the financial services provider's stock worth $1,134,000 after acquiring an additional 227 shares in the last quarter. Swiss National Bank grew its position in Westamerica Bancorporation by 0.8% during the 4th quarter. Swiss National Bank now owns 52,500 shares of the financial services provider's stock worth $2,754,000 after purchasing an additional 400 shares in the last quarter. Sterling Capital Management LLC raised its stake in Westamerica Bancorporation by 815.6% during the 4th quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 734 shares during the period. KBC Group NV grew its stake in Westamerica Bancorporation by 71.4% during the 4th quarter. KBC Group NV now owns 1,974 shares of the financial services provider's stock valued at $104,000 after acquiring an additional 822 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Westamerica Bancorporation by 5.8% during the 4th quarter. MetLife Investment Management LLC now owns 15,607 shares of the financial services provider's stock valued at $819,000 after buying an additional 856 shares during the period. 81.89% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP John A. Thorson sold 2,243 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $48.57, for a total transaction of $108,942.51. Following the completion of the sale, the senior vice president now owns 11,591 shares in the company, valued at $562,974.87. This trade represents a 16.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Robert James Baker, Jr. sold 710 shares of the business's stock in a transaction dated 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. Corporate insiders own 5.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WABC. StockNews.com raised Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Tuesday. Keefe, Bruyette & Woods lowered 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 report on Monday, April 21st. Finally, Piper Sandler lowered their price objective on Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, April 21st.

Westamerica Bancorporation Stock Performance

NASDAQ WABC traded down $0.10 during trading on Friday, hitting $50.60. The company's stock had a trading volume of 223,846 shares, compared to its average volume of 134,166. Westamerica Bancorporation has a 52 week low of $42.00 and a 52 week high of $59.97. The firm has a 50 day moving average price of $48.56 and a 200 day moving average price of $51.48. The firm has a market cap of $1.32 billion, a P/E ratio of 9.73 and a beta of 0.64. The company has a quick ratio of 0.26, a current ratio of 0.27 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 for the quarter, topping analysts' consensus estimates of $1.09 by $0.07. Westamerica Bancorporation had a return on equity of 16.15% and a net margin of 44.55%. The business had revenue of $66.71 million for the quarter, compared to the consensus estimate of $66.47 million. Equities research analysts forecast that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Monday, May 5th will be given a $0.46 dividend. This is a boost from Westamerica Bancorporation's previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a yield of 3.64%. The ex-dividend date is Monday, May 5th. Westamerica Bancorporation's dividend payout ratio (DPR) is 36.87%.

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.