T. Rowe Price Investment Management Inc. Has $20.56 Million Holdings in Westamerica Bancorporation (NASDAQ:WABC)

T. Rowe Price Investment Management Inc. cut its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) by 18.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 about 1.47% of Westamerica Bancorporation worth $20,561,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Dark Forest Capital Management LP purchased a new position in Westamerica Bancorporation in the fourth quarter valued at about $1,153,000. Hsbc Holdings PLC acquired a new position in shares of Westamerica Bancorporation in the 4th quarter valued at approximately $1,764,000. State of Tennessee Department of Treasury boosted its stake in shares of Westamerica Bancorporation by 75.1% during the 4th quarter. State of Tennessee Department of Treasury now owns 12,131 shares of the financial services provider's stock valued at $636,000 after buying an additional 5,201 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of Westamerica Bancorporation by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 15,607 shares of the financial services provider's stock worth $819,000 after buying an additional 856 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position 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 buying an additional 9,928 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ:WABC traded down $0.47 on Wednesday, reaching $48.43. 216,497 shares of the company's stock were exchanged, compared to its average volume of 128,979. The business's 50-day moving average is $48.79 and its two-hundred day moving average is $51.63. 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 has a fifty-two week low of $42.00 and a fifty-two week high of $59.97. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 9.31 and a beta of 0.63.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.09 by $0.07. The company had revenue of $66.71 million during the quarter, compared to analyst estimates of $66.47 million. Westamerica Bancorporation had a return on equity of 16.15% and a net margin of 44.55%. As a group, equities research analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current 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 issued a dividend of $0.46 per share. This is an increase from Westamerica Bancorporation's previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Monday, May 5th. This represents a $1.84 annualized dividend and a dividend yield of 3.80%. Westamerica Bancorporation's payout ratio is 36.87%.

Insider Transactions at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 710 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $48.16, for a total value of $34,193.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John A. Thorson sold 2,243 shares of Westamerica Bancorporation 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 sale, the senior vice president now 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 disclosure for this sale can be found here. Insiders own 5.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on WABC shares. Keefe, Bruyette & Woods reduced their price objective 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. Piper Sandler reduced their price target on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st.

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.