Westamerica Bancorporation plans to repurchase up to 2 million shares of common stock by March 31, 2026.
Quiver AI Summary
Westamerica Bancorporation's Board of Directors has approved a plan to repurchase up to 2,000,000 shares of its common stock, representing about 7.5% of its shares outstanding as of December 31, 2024. This share repurchase will occur in the open market or through private transactions before March 31, 2026, reflecting the company's financial strength and stability, as stated by CEO David Payne. The company, which operates banking and trust offices in Northern and Central California through its subsidiary Westamerica Bank, acknowledges various risks and uncertainties that could impact future performance, as detailed in its SEC filings.
Potential Positives
- The Board of Directors approved a stock repurchase plan totaling up to 2,000,000 shares, representing 7.5% of the company’s outstanding common stock, signaling confidence in its financial health.
- This action may enhance shareholder value by potentially increasing stock price through reduced share supply.
- The CEO highlighted the company’s financial strength and reliable earnings as reasons for the repurchase, indicating a positive outlook on the company's performance.
- The repurchase plan is positioned to be executed prior to March 31, 2026, providing an extended timeline for potential market conditions to be favorable.
Potential Negatives
- The announcement of a stock repurchase plan could indicate that the company lacks better investment opportunities, suggesting potential stagnation in growth or innovation.
- The forward-looking statements highlight various risks that could significantly impact the company's future performance, which may lead to investor uncertainty.
- The company's decision to buy back shares may raise concerns about its ability to generate sufficient cash flow for other strategic initiatives or operational needs.
FAQ
What is the purpose of the stock repurchase plan by Westamerica Bancorporation?
The repurchase plan aims to recognize the company's financial strength and support its stock price in the market.
How many shares does Westamerica plan to repurchase?
Westamerica plans to repurchase up to 2,000,000 shares of its common stock.
When does the stock repurchase program end?
The stock repurchase program is set to conclude by March 31, 2026.
What percentage of outstanding shares does the repurchase represent?
The repurchase represents approximately 7.5 percent of the company’s common stock outstanding as of December 31, 2024.
Who can be contacted for more information regarding the press release?
For more information, contact Robert A. Thorson at Westamerica Bancorporation via phone or email.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WABC Insider Trading Activity
$WABC insiders have traded $WABC stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $WABC stock by insiders over the last 6 months:
- ROBERT JAMES JR BAKER (SVP/Banking Division Manager) sold 248 shares for an estimated $12,848
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$WABC Hedge Fund Activity
We have seen 95 institutional investors add shares of $WABC stock to their portfolio, and 95 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ASSENAGON ASSET MANAGEMENT S.A. removed 116,750 shares (-89.8%) from their portfolio in Q4 2024, for an estimated $6,124,705
- STIEVEN CAPITAL ADVISORS, L.P. removed 112,717 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $5,570,474
- INVENOMIC CAPITAL MANAGEMENT LP added 103,648 shares (+inf%) to their portfolio in Q4 2024, for an estimated $5,437,374
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 88,892 shares (-18.5%) from their portfolio in Q4 2024, for an estimated $4,663,274
- NORGES BANK removed 79,559 shares (-53.9%) from their portfolio in Q4 2024, for an estimated $4,173,665
- AMERICAN CENTURY COMPANIES INC removed 75,267 shares (-4.1%) from their portfolio in Q4 2024, for an estimated $3,948,506
- STATE STREET CORP added 68,911 shares (+5.4%) to their portfolio in Q4 2024, for an estimated $3,615,071
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN RAFAEL, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation ( NASDAQ: WABC ) today approved a plan to repurchase, as conditions warrant, up to 2,000,000 shares of the Company’s common stock on the open market or in privately negotiated transactions prior to March 31, 2026. The repurchase plan represents approximately 7.5 percent of the Company’s common stock outstanding as of December 31, 2024.
Chairman, President and CEO David Payne stated, “This stock repurchase plan recognizes Westamerica’s financial strength, conservative risk profile and reliable earnings stream.”
Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California.
Westamerica Bancorporation Web Address: www.westamerica.com
For additional information contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – Investment Relations Contact, 707-863-6090
[email protected]
FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2023 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
