Assenagon Asset Management S.A. Buys New Shares in Westamerica Bancorporation $WABC

Assenagon Asset Management S.A. acquired a new stake in shares of Westamerica Bancorporation (NASDAQ:WABC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 116,643 shares of the financial services provider’s stock, valued at approximately $5,831,000. Assenagon Asset Management S.A. owned about 0.46% of Westamerica Bancorporation at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Public Sector Pension Investment Board grew its stake in shares of Westamerica Bancorporation by 5.4% in the second quarter. Public Sector Pension Investment Board now owns 89,249 shares of the financial services provider’s stock worth $4,323,000 after purchasing an additional 4,552 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Westamerica Bancorporation by 0.7% in the second quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider’s stock worth $1,570,000 after purchasing an additional 213 shares during the period. Tower Research Capital LLC TRC lifted its position in Westamerica Bancorporation by 295.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,424 shares of the financial services provider’s stock valued at $214,000 after acquiring an additional 3,305 shares during the period. Rafferty Asset Management LLC increased its position in Westamerica Bancorporation by 64.6% during the 2nd quarter. Rafferty Asset Management LLC now owns 28,220 shares of the financial services provider’s stock valued at $1,367,000 after buying an additional 11,071 shares in the last quarter. Finally, Man Group plc boosted its holdings in Westamerica Bancorporation by 24.7% in the second quarter. Man Group plc now owns 24,408 shares of the financial services provider’s stock worth $1,182,000 after acquiring an additional 4,835 shares in the last quarter. Institutional investors own 81.89% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $52.00.

Westamerica Bancorporation Stock Performance

NASDAQ WABC opened at $49.98 on Monday. The stock has a market capitalization of $1.25 billion, a PE ratio of 10.89 and a beta of 0.61. The business has a 50 day simple moving average of $47.91 and a two-hundred day simple moving average of $48.61. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.29 and a quick ratio of 0.29. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $53.85.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Westamerica Bancorporation had a return on equity of 13.10% and a net margin of 43.19%.The business had revenue of $63.20 million for the quarter, compared to analysts’ expectations of $64.20 million. On average, research analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Monday, November 3rd were given a $0.46 dividend. The ex-dividend date was Monday, November 3rd. This represents a $1.84 annualized dividend and a yield of 3.7%. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 40.09%.

Westamerica Bancorporation declared that its board has approved a share repurchase program on Thursday, December 18th that permits the company to buyback $2.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 0.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Westamerica Bancorporation Profile

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.