T. Rowe Price Investment Management Inc. Cuts Stock Holdings in Westamerica Bancorporation (NASDAQ:WABC)

T. Rowe Price Investment Management Inc. lowered its stake in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 18.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 391,932 shares of the financial services provider's stock after selling 88,892 shares during the period. T. Rowe Price Investment Management Inc. owned 1.47% of Westamerica Bancorporation worth $20,561,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of WABC. Sterling Capital Management LLC lifted its position in shares of Westamerica Bancorporation by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider's stock valued at $43,000 after buying an additional 734 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Westamerica Bancorporation during the fourth quarter worth $65,000. KBC Group NV increased its holdings in shares of Westamerica Bancorporation by 71.4% during the fourth quarter. KBC Group NV now owns 1,974 shares of the financial services provider's stock worth $104,000 after purchasing an additional 822 shares during the period. GAMMA Investing LLC grew its holdings in shares of Westamerica Bancorporation by 14.1% during the 4th quarter. GAMMA Investing LLC now owns 2,166 shares of the financial services provider's stock worth $114,000 after purchasing an additional 268 shares in the last quarter. Finally, Gallacher Capital Management LLC bought a new position in shares of Westamerica Bancorporation in the fourth quarter worth $205,000. Institutional investors own 81.89% of the company's stock.

Analyst Upgrades and Downgrades

WABC has been the topic of several recent analyst reports. 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 report on Monday, April 21st. Piper Sandler lowered their price objective on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating for the company in a research report on Monday, April 21st.

Westamerica Bancorporation Price Performance

Shares of Westamerica Bancorporation stock traded up $0.66 during midday trading on Friday, hitting $49.41. 53,143 shares of the company traded hands, compared to its average volume of 129,214. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 9.53 and a beta of 0.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.26 and a current ratio of 0.27. The firm's fifty day moving average price is $48.76 and its 200-day moving average price is $51.60. Westamerica Bancorporation has a 12 month low of $42.00 and a 12 month high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, beating 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 company had revenue of $66.71 million during the quarter, compared to analysts' expectations of $66.47 million. As a group, sell-side analysts forecast that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation Increases Dividend

The business also recently announced 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 is Monday, May 5th. 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 3.72%. Westamerica Bancorporation's dividend payout ratio is presently 36.87%.

Insider Activity at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP John A. Thorson sold 2,243 shares of Westamerica Bancorporation 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 completion of the sale, the senior vice president now directly 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 document filed with the SEC, which is accessible through this hyperlink. Also, SVP Robert James Baker, Jr. sold 710 shares of the firm's stock in a transaction dated Thursday, April 24th. The shares were 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. 5.30% of the stock is owned by company insiders.

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.