Profund Advisors LLC lowered its stake in shares of Westamerica Bancorporation (NASDAQ:WABC) by 8.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,347 shares of the financial services provider’s stock after selling 410 shares during the quarter. Profund Advisors LLC’s holdings in Westamerica Bancorporation were worth $244,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in WABC. BlackRock Inc. grew its holdings in Westamerica Bancorporation by 48,285.6% during the first quarter. BlackRock Inc. now owns 3,192,483 shares of the financial services provider’s stock worth $178,235,000 after buying an additional 3,185,885 shares in the last quarter. Vanguard Group Inc. grew its holdings in Westamerica Bancorporation by 16.1% during the first quarter. Vanguard Group Inc. now owns 2,551,330 shares of the financial services provider’s stock worth $142,440,000 after buying an additional 354,294 shares in the last quarter. Deprince Race & Zollo Inc. grew its holdings in Westamerica Bancorporation by 218.4% during the second quarter. Deprince Race & Zollo Inc. now owns 461,063 shares of the financial services provider’s stock worth $25,838,000 after buying an additional 316,245 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Westamerica Bancorporation by 218.7% during the second quarter. Russell Investments Group Ltd. now owns 207,817 shares of the financial services provider’s stock worth $11,645,000 after buying an additional 142,605 shares in the last quarter. Finally, State Street Corp grew its holdings in Westamerica Bancorporation by 17.0% during the first quarter. State Street Corp now owns 857,733 shares of the financial services provider’s stock worth $47,882,000 after buying an additional 124,661 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.
Separately, BidaskClub upgraded Westamerica Bancorporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th.
Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.04. The business had revenue of $47.90 million during the quarter, compared to analysts’ expectations of $46.70 million. Westamerica Bancorporation had a return on equity of 10.57% and a net margin of 33.83%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 earnings per share.
Westamerica Bancorporation declared that its board has authorized a stock buyback program on Thursday, July 27th that allows the company to repurchase 1,750,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other Westamerica Bancorporation news, Director Edward B. Sylvester sold 1,260 shares of Westamerica Bancorporation stock in a transaction on Monday, July 31st. The stock was sold at an average price of $54.40, for a total transaction of $68,544.00. Following the completion of the transaction, the director now owns 72,490 shares in the company, valued at $3,943,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.90% of the stock is currently owned by insiders.
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Westamerica Bancorporation Profile
Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.
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