Sei Investments Co. Cuts Stock Holdings in Westamerica Bancorporation $WABC

Sei Investments Co. reduced its stake in Westamerica Bancorporation (NASDAQ:WABC) by 36.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,727 shares of the financial services provider’s stock after selling 9,538 shares during the period. Sei Investments Co. owned approximately 0.07% of Westamerica Bancorporation worth $873,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of WABC. Dimensional Fund Advisors LP grew its holdings in Westamerica Bancorporation by 5.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock valued at $49,265,000 after buying an additional 47,127 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Westamerica Bancorporation by 39.0% during the 1st quarter. SG Americas Securities LLC now owns 45,171 shares of the financial services provider’s stock worth $2,356,000 after acquiring an additional 12,672 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Westamerica Bancorporation during the 1st quarter valued at approximately $1,835,000. First Trust Advisors LP boosted its position in shares of Westamerica Bancorporation by 64.1% during the 1st quarter. First Trust Advisors LP now owns 130,982 shares of the financial services provider’s stock valued at $6,831,000 after acquiring an additional 51,148 shares during the last quarter. Finally, UBS Group AG boosted its position in shares of Westamerica Bancorporation by 279.4% during the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after acquiring an additional 336,714 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Price Performance

Shares of WABC stock opened at $59.93 on Friday. The company has a market cap of $1.38 billion, a PE ratio of 13.20 and a beta of 0.56. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $63.61. The stock’s 50 day simple moving average is $59.08 and its two-hundred day simple moving average is $54.97.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results 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. The firm had revenue of $62.77 million during the quarter, compared to analysts’ expectations of $61.60 million. Westamerica Bancorporation had a return on equity of 12.31% and a net margin of 41.71%.During the same quarter in the previous year, the business earned $1.12 EPS.

Westamerica Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be paid a $0.48 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $1.92 annualized dividend and a dividend yield of 3.2%. Westamerica Bancorporation’s dividend payout ratio is currently 42.29%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on WABC shares. Keefe, Bruyette & Woods boosted their price target on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, July 29th. Finally, Wall Street Zen raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Westamerica Bancorporation has a consensus rating of “Moderate Buy” and a consensus target price of $64.00.

About Westamerica Bancorporation

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.