Principal Financial Group Inc. Raises Stock Holdings in Westamerica Bancorporation (NASDAQ:WABC)

Principal Financial Group Inc. lifted its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 3.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 150,220 shares of the financial services provider’s stock after acquiring an additional 5,356 shares during the quarter. Principal Financial Group Inc. owned approximately 0.56% of Westamerica Bancorporation worth $7,606,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in shares of Westamerica Bancorporation by 4,946.6% during the first quarter. GAMMA Investing LLC now owns 109,310 shares of the financial services provider’s stock worth $5,534,000 after acquiring an additional 107,144 shares during the last quarter. Two Sigma Advisers LP raised its holdings in Westamerica Bancorporation by 15.1% during the 4th quarter. Two Sigma Advisers LP now owns 61,600 shares of the financial services provider’s stock valued at $3,232,000 after buying an additional 8,100 shares during the period. Commonwealth Equity Services LLC raised its holdings in Westamerica Bancorporation by 5.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 37,366 shares of the financial services provider’s stock valued at $1,960,000 after buying an additional 1,940 shares during the period. Deutsche Bank AG increased its stake in Westamerica Bancorporation by 58.0% in the fourth quarter. Deutsche Bank AG now owns 22,727 shares of the financial services provider’s stock worth $1,192,000 after purchasing an additional 8,342 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in Westamerica Bancorporation in the fourth quarter worth $240,000. 81.89% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Robert James Baker, Jr. sold 710 shares of the company’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $48.16, for a total transaction of $34,193.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John A. Thorson sold 2,243 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $48.57, for a total value of $108,942.51. Following the transaction, the senior vice president directly owned 11,591 shares of the company’s stock, 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. 5.30% of the stock is owned by corporate insiders.

Westamerica Bancorporation Stock Performance

NASDAQ WABC opened at $50.31 on Wednesday. The stock’s fifty day moving average is $49.00 and its two-hundred day moving average is $49.51. The firm has a market capitalization of $1.32 billion, a P/E ratio of 10.08 and a beta of 0.64. Westamerica Bancorporation has a fifty-two week low of $42.00 and a fifty-two week high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly 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 business had revenue of $66.71 million for the quarter, compared to analyst estimates of $66.47 million. Westamerica Bancorporation had a return on equity of 14.95% and a net margin of 44.10%. As a group, sell-side analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Monday, May 5th were 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 was Monday, May 5th. This represents a $1.84 annualized dividend and a yield of 3.66%. Westamerica Bancorporation’s dividend payout ratio is 36.87%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Friday, June 27th. Piper Sandler dropped 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. Finally, Keefe, Bruyette & Woods lowered their price target on Westamerica Bancorporation from $58.00 to $55.00 and set a “market perform” rating for the company in a 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.