Raymond James Financial Inc. Invests $3.65 Million in Westamerica Bancorporation (NASDAQ:WABC)

Raymond James Financial Inc. acquired a new stake in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 69,510 shares of the financial services provider's stock, valued at approximately $3,647,000. Raymond James Financial Inc. owned about 0.26% of Westamerica Bancorporation as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in shares of Westamerica Bancorporation during the 4th quarter valued at about $1,303,000. Cerity Partners LLC increased its holdings in Westamerica Bancorporation by 26.2% during the fourth quarter. Cerity Partners LLC now owns 5,655 shares of the financial services provider's stock valued at $294,000 after buying an additional 1,175 shares during the last quarter. ExodusPoint Capital Management LP bought a new position in Westamerica Bancorporation in the fourth quarter worth approximately $1,035,000. Geode Capital Management LLC boosted its stake in shares of Westamerica Bancorporation by 2.4% during the 4th 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 during the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in shares of Westamerica Bancorporation by 9.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 11,501 shares of the financial services provider's stock valued at $603,000 after acquiring an additional 1,019 shares during the period. Institutional investors own 81.89% of the company's stock.

Insider Buying and Selling

In other news, SVP John A. Thorson sold 2,243 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $48.57, for a total value of $108,942.51. Following the transaction, the senior vice president now owns 11,591 shares of the company's stock, valued at approximately $562,974.87. The trade was a 16.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Robert James Baker, Jr. sold 710 shares of the company's stock in a transaction on Thursday, April 24th. The stock was 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 owned by insiders.

Westamerica Bancorporation Price Performance

Shares of NASDAQ WABC traded up $0.84 during midday trading on Friday, reaching $49.59. The stock had a trading volume of 24,932 shares, compared to its average volume of 129,043. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 9.53 and a beta of 0.63. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $59.97. The stock has a 50-day moving average of $48.76 and a 200-day moving average of $51.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.26 and a current ratio of 0.27.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last issued its quarterly 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. 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 during the quarter, compared to analyst estimates of $66.47 million. As a group, research analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Monday, May 5th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Monday, May 5th. This is a boost from Westamerica Bancorporation's previous quarterly dividend of $0.44. This represents a $1.84 dividend on an annualized basis and a yield of 3.71%. Westamerica Bancorporation's payout ratio is currently 36.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WABC shares. Keefe, Bruyette & Woods decreased their target price on Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. 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 research 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.