Illinois Municipal Retirement Fund Trims Holdings in Westamerica Bancorporation (NASDAQ:WABC)

Illinois Municipal Retirement Fund lowered its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 2.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 14,644 shares of the financial services provider’s stock after selling 319 shares during the period. Illinois Municipal Retirement Fund’s holdings in Westamerica Bancorporation were worth $826,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in WABC. American Century Companies Inc. boosted its position in shares of Westamerica Bancorporation by 20.8% during the third quarter. American Century Companies Inc. now owns 1,198,333 shares of the financial services provider’s stock worth $51,828,000 after buying an additional 206,376 shares during the period. Clifford Capital Partners LLC lifted its stake in Westamerica Bancorporation by 4.1% during the 3rd quarter. Clifford Capital Partners LLC now owns 313,838 shares of the financial services provider’s stock worth $13,573,000 after acquiring an additional 12,316 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Westamerica Bancorporation by 5.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 282,025 shares of the financial services provider’s stock valued at $12,198,000 after acquiring an additional 13,758 shares during the period. Jupiter Asset Management Ltd. grew its position in Westamerica Bancorporation by 8.3% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 186,356 shares of the financial services provider’s stock valued at $8,060,000 after acquiring an additional 14,206 shares in the last quarter. Finally, Kennedy Capital Management LLC purchased a new stake in Westamerica Bancorporation during the third quarter worth about $2,990,000. Institutional investors and hedge funds own 81.89% of the company’s stock.

Insider Buying and Selling

In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of Westamerica Bancorporation stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $46.79, for a total transaction of $527,416.88. Following the completion of the sale, the chief executive officer now directly owns 242,417 shares of the company’s stock, valued at approximately $11,342,691.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO John A. Thorson sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $47.24, for a total value of $51,964.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David L. Payne sold 11,272 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $46.79, for a total transaction of $527,416.88. Following the completion of the transaction, the chief executive officer now owns 242,417 shares in the company, valued at $11,342,691.43. The disclosure for this sale can be found here. Insiders own 5.50% of the company’s stock.

Westamerica Bancorporation Stock Performance

Shares of WABC opened at $47.47 on Tuesday. Westamerica Bancorporation has a 1 year low of $35.52 and a 1 year high of $57.96. The stock has a market capitalization of $1.27 billion, a PE ratio of 8.02 and a beta of 0.56. The stock has a 50-day simple moving average of $47.04 and a 200-day simple moving average of $49.20.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02). Westamerica Bancorporation had a return on equity of 21.99% and a net margin of 48.35%. The firm had revenue of $78.84 million during the quarter, compared to analysts’ expectations of $77.34 million. Analysts predict that Westamerica Bancorporation will post 5.3 EPS for the current year.

Westamerica Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.71%. Westamerica Bancorporation’s payout ratio is currently 29.73%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on WABC shares. Piper Sandler dropped their price objective on shares of Westamerica Bancorporation from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $57.00 price target (down previously from $58.00) on shares of Westamerica Bancorporation in a research note on Monday, April 22nd. Finally, StockNews.com lowered Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th.

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.