KLP Kapitalforvaltning AS Buys 5,400 Shares of Westamerica Bancorporation (NASDAQ:WABC)

KLP Kapitalforvaltning AS increased its stake in Westamerica Bancorporation (NASDAQ:WABC) by 103.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,600 shares of the financial services provider’s stock after acquiring an additional 5,400 shares during the period. KLP Kapitalforvaltning AS’s holdings in Westamerica Bancorporation were worth $537,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sterling Capital Management LLC raised its position in Westamerica Bancorporation by 815.6% during the 4th 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 last quarter. Golden State Wealth Management LLC raised its position in Westamerica Bancorporation by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,245 shares during the last quarter. Two Sigma Securities LLC bought a new position in Westamerica Bancorporation during the 4th quarter valued at approximately $201,000. Susquehanna Fundamental Investments LLC bought a new position in Westamerica Bancorporation during the 4th quarter valued at approximately $213,000. Finally, Allworth Financial LP raised its position in Westamerica Bancorporation by 13.0% during the 1st quarter. Allworth Financial LP now owns 4,426 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 510 shares during the last quarter. Institutional investors own 81.89% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Keefe, Bruyette & Woods lowered their price target on Westamerica Bancorporation from $55.00 to $54.00 and set a “market perform” rating for the company in a research report on Monday, July 21st. Piper Sandler lowered their price target on Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Friday, June 27th.

Westamerica Bancorporation Stock Down 2.4%

Shares of NASDAQ:WABC opened at $48.47 on Thursday. Westamerica Bancorporation has a 52-week low of $42.00 and a 52-week high of $59.97. The firm has a market capitalization of $1.27 billion, a P/E ratio of 10.14 and a beta of 0.64. The stock has a 50 day moving average price of $48.94 and a 200-day moving average price of $49.40. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.30 and a current ratio of 0.29.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, July 17th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.01. Westamerica Bancorporation had a return on equity of 13.81% and a net margin of 43.69%. The firm had revenue of $64.88 million during the quarter, compared to analyst estimates of $65.80 million. As a group, equities research analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Monday, August 4th will be given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, August 4th. Westamerica Bancorporation’s dividend payout ratio is currently 38.49%.

Westamerica Bancorporation Company Profile

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.