Principal Financial Group Inc. Lowers Stock Position in Westamerica Bancorporation (NASDAQ:WABC)

Principal Financial Group Inc. cut its stake in Westamerica Bancorporation (NASDAQ:WABC) by 6.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 139,496 shares of the financial services provider’s stock after selling 10,190 shares during the period. Principal Financial Group Inc. owned approximately 0.52% of Westamerica Bancorporation worth $6,894,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WABC. Assenagon Asset Management S.A. raised its position in Westamerica Bancorporation by 54.2% during the third quarter. Assenagon Asset Management S.A. now owns 129,976 shares of the financial services provider’s stock worth $6,423,000 after acquiring an additional 45,708 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Westamerica Bancorporation by 8.2% in the 3rd quarter. Raymond James & Associates now owns 63,634 shares of the financial services provider’s stock valued at $3,145,000 after purchasing an additional 4,841 shares during the last quarter. Inspire Investing LLC grew its stake in shares of Westamerica Bancorporation by 15.8% during the 3rd quarter. Inspire Investing LLC now owns 8,342 shares of the financial services provider’s stock valued at $412,000 after buying an additional 1,138 shares during the period. CWM LLC boosted its holdings in Westamerica Bancorporation by 43.9% in the third quarter. CWM LLC now owns 5,250 shares of the financial services provider’s stock valued at $259,000 after acquiring an additional 1,601 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Westamerica Bancorporation by 261.7% during the 3rd quarter. SG Americas Securities LLC now owns 8,841 shares of the financial services provider’s stock worth $437,000 after purchasing an additional 6,397 shares during the period. 81.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $57.00.

Westamerica Bancorporation Price Performance

Shares of WABC stock opened at $55.85 on Wednesday. The firm has a fifty day simple moving average of $51.48 and a 200-day simple moving average of $50.39. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.49 billion, a PE ratio of 10.17 and a beta of 0.54. Westamerica Bancorporation has a twelve month low of $43.82 and a twelve month high of $59.33.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.27. Westamerica Bancorporation had a net margin of 45.73% and a return on equity of 17.67%. The business had revenue of $74.07 million during the quarter, compared to analyst estimates of $72.74 million. Equities research analysts anticipate that Westamerica Bancorporation will post 5.17 earnings per share for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Monday, November 4th. Westamerica Bancorporation’s dividend payout ratio is currently 32.06%.

Westamerica Bancorporation 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.