Maltese Capital Management LLC Trims Stock Position in Westamerica Bancorporation $WABC

Maltese Capital Management LLC cut its holdings in Westamerica Bancorporation (NASDAQ:WABC) by 46.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 106,500 shares of the financial services provider’s stock after selling 93,500 shares during the period. Maltese Capital Management LLC owned 0.43% of Westamerica Bancorporation worth $5,324,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in WABC. Millennium Management LLC raised its position in Westamerica Bancorporation by 101.3% in the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after purchasing an additional 200,884 shares during the period. American Century Companies Inc. grew its holdings in shares of Westamerica Bancorporation by 9.3% during the 2nd quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock worth $97,816,000 after purchasing an additional 171,991 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Westamerica Bancorporation by 87.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock worth $15,014,000 after purchasing an additional 144,405 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Westamerica Bancorporation during the 3rd quarter worth about $5,831,000. Finally, Qube Research & Technologies Ltd raised its holdings in Westamerica Bancorporation by 63.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 176,908 shares of the financial services provider’s stock valued at $8,569,000 after buying an additional 68,638 shares during the period. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

Westamerica Bancorporation Price Performance

Shares of Westamerica Bancorporation stock opened at $50.82 on Tuesday. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 11.24 and a beta of 0.61. The business has a 50-day moving average of $50.78 and a 200 day moving average of $49.20. Westamerica Bancorporation has a 12 month low of $42.00 and a 12 month high of $53.48.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. The company had revenue of $63.31 million for the quarter, compared to analyst estimates of $61.90 million. Equities research analysts anticipate that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation declared that its board has approved a stock buyback program on Thursday, December 18th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Westamerica Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 2nd were issued a dividend of $0.46 per share. The ex-dividend date was Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 3.6%. Westamerica Bancorporation’s dividend payout ratio is 40.71%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods upped their price objective on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Finally, Wall Street Zen cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Westamerica Bancorporation currently has a consensus rating of “Hold” and a consensus target price of $52.50.

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.