IFG Advisory LLC Raises Stock Holdings in Westamerica Bancorporation (NASDAQ:WABC)

IFG Advisory LLC lifted its holdings in shares of Westamerica Bancorporation (NASDAQ:WABC) by 4.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,444 shares of the financial services provider’s stock after acquiring an additional 2,172 shares during the period. IFG Advisory LLC owned 0.17% of Westamerica Bancorporation worth $2,351,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Sterling Capital Management LLC raised its stake in Westamerica Bancorporation by 815.6% during the 4th quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 734 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Westamerica Bancorporation by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,245 shares during the period. Two Sigma Securities LLC purchased a new stake in shares of Westamerica Bancorporation during the fourth quarter worth approximately $201,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Westamerica Bancorporation during the fourth quarter worth $213,000. Finally, Allworth Financial LP lifted its holdings in shares of Westamerica Bancorporation by 13.0% during the first quarter. Allworth Financial LP now owns 4,426 shares of the financial services provider’s stock worth $214,000 after purchasing an additional 510 shares during the period. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

Westamerica Bancorporation Stock Down 1.2%

Westamerica Bancorporation stock opened at $47.32 on Friday. The stock’s 50 day moving average price is $48.92 and its 200 day moving average price is $49.34. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $59.97. The company has a market cap of $1.24 billion, a PE ratio of 9.90 and a beta of 0.63. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.29 and a quick ratio of 0.30.

Westamerica Bancorporation (NASDAQ:WABC) last issued its earnings results on Thursday, July 17th. The financial services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.11 by $0.01. Westamerica Bancorporation had a net margin of 43.69% and a return on equity of 13.81%. The company had revenue of $64.88 million for the quarter, compared to analyst estimates of $65.80 million. On average, sell-side analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, August 4th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.9%. The ex-dividend date is Monday, August 4th. Westamerica Bancorporation’s dividend payout ratio is presently 38.49%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WABC. Piper Sandler dropped their price objective on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. Wall Street Zen upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Westamerica Bancorporation from $55.00 to $54.00 and set a “market perform” rating for the company in a report on Monday, July 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.