Perigon Wealth Management LLC Takes Position in Westamerica Bancorporation $WABC

Perigon Wealth Management LLC bought a new stake in Westamerica Bancorporation (NASDAQ:WABC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,324 shares of the financial services provider’s stock, valued at approximately $606,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Bessemer Group Inc. raised its holdings in Westamerica Bancorporation by 42.6% during the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Westamerica Bancorporation by 19.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,171 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 194 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Westamerica Bancorporation by 0.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 42,725 shares of the financial services provider’s stock valued at $2,044,000 after purchasing an additional 201 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in Westamerica Bancorporation by 0.7% during the 2nd 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. Finally, Royal Bank of Canada increased its position in Westamerica Bancorporation by 1.7% during the 4th quarter. Royal Bank of Canada now owns 14,761 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 241 shares during the period. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Wall Street Zen raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings downgraded Westamerica Bancorporation from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods upped their price objective on Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westamerica Bancorporation presently has a consensus rating of “Hold” and an average target price of $64.00.

Westamerica Bancorporation Stock Down 1.8%

Shares of WABC opened at $58.10 on Thursday. Westamerica Bancorporation has a 52-week low of $44.93 and a 52-week high of $63.61. The company has a 50-day simple moving average of $59.28 and a 200-day simple moving average of $55.23. The company has a market capitalization of $1.34 billion, a PE ratio of 12.80 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.31%. The firm had revenue of $62.77 million for the quarter, compared to the consensus estimate of $61.60 million. During the same quarter in the previous year, the firm earned $1.12 earnings per share.

Westamerica Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, August 3rd. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 42.29%.

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.