The Manufacturers Life Insurance Company Invests $545,000 in Westamerica Bancorporation $WABC

The Manufacturers Life Insurance Company purchased a new stake in Westamerica Bancorporation (NASDAQ:WABC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,285 shares of the financial services provider’s stock, valued at approximately $545,000.

A number of other hedge funds have also modified their holdings of WABC. BlackRock Inc. bought a new position in Westamerica Bancorporation during the 2nd quarter worth approximately $195,706,000. Dimensional Fund Advisors LP increased its stake in Westamerica Bancorporation by 5.3% in the first quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock valued at $49,265,000 after purchasing an additional 47,127 shares in the last quarter. UBS Group AG raised its holdings in Westamerica Bancorporation by 279.4% in the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock worth $21,868,000 after purchasing an additional 336,714 shares during the period. Millennium Management LLC boosted its position in shares of Westamerica Bancorporation by 101.3% during the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock worth $19,956,000 after purchasing an additional 200,884 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Westamerica Bancorporation by 35.9% during the fourth quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock worth $18,263,000 after purchasing an additional 100,867 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation Stock Performance

WABC stock opened at $59.39 on Monday. Westamerica Bancorporation has a 52 week low of $44.93 and a 52 week high of $63.61. The company’s 50-day simple moving average is $59.34 and its 200 day simple moving average is $55.79. The company has a market capitalization of $1.37 billion, a PE ratio of 13.08 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. The business had revenue of $62.77 million for the quarter, compared to the consensus estimate 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 prior year, the business posted $1.12 earnings per share.

Westamerica Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, August 3rd. Westamerica Bancorporation’s dividend payout ratio (DPR) is 42.29%.

Wall Street Analysts Forecast Growth

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

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.