Illinois Municipal Retirement Fund Sells 223 Shares of Westamerica Bancorporation (NASDAQ:WABC)

Illinois Municipal Retirement Fund trimmed its stake in Westamerica Bancorporation (NASDAQ:WABC) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,078 shares of the financial services provider’s stock after selling 223 shares during the period. Illinois Municipal Retirement Fund owned about 0.05% of Westamerica Bancorporation worth $713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in WABC. Sterling Capital Management LLC boosted its holdings in shares of Westamerica Bancorporation by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 734 shares during the period. Golden State Wealth Management LLC lifted its holdings in shares of Westamerica Bancorporation by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider’s stock worth $126,000 after buying an additional 1,245 shares during the period. Two Sigma Securities LLC bought a new position in shares of Westamerica Bancorporation during the 4th quarter worth $201,000. Gallacher Capital Management LLC bought a new position in shares of Westamerica Bancorporation during the 4th quarter worth $205,000. Finally, One Capital Management LLC purchased a new position in shares of Westamerica Bancorporation during the fourth quarter valued at $210,000. 81.89% of the stock is currently owned by institutional investors.

Insider Activity at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP John A. Thorson sold 2,243 shares of Westamerica Bancorporation stock in a transaction on Monday, April 28th. The shares were sold at an average price of $48.57, for a total value of $108,942.51. Following the transaction, the senior vice president directly owned 11,591 shares of the company’s stock, valued at approximately $562,974.87. The trade was a 16.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert James Baker, Jr. sold 710 shares of the company’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $48.16, for a total value of $34,193.60. The disclosure for this sale can be found here. 5.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WABC. Keefe, Bruyette & Woods dropped their target price on shares of Westamerica Bancorporation from $58.00 to $55.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. Wall Street Zen upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Piper Sandler cut their price objective on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, April 21st.

Westamerica Bancorporation Price Performance

Shares of WABC stock opened at $50.78 on Thursday. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $59.97. The stock’s 50-day moving average is $48.55 and its 200 day moving average is $49.65. The company has a market cap of $1.33 billion, a P/E ratio of 10.18 and a beta of 0.64.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.09 by $0.07. Westamerica Bancorporation had a net margin of 44.10% and a return on equity of 14.95%. The business had revenue of $66.71 million during the quarter, compared to analyst estimates of $66.47 million. On average, analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were given a dividend of $0.46 per share. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.44. The ex-dividend date was Monday, May 5th. This represents a $1.84 dividend on an annualized basis and a yield of 3.62%. Westamerica Bancorporation’s dividend payout ratio is presently 36.87%.

About Westamerica Bancorporation

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.