Westamerica Bancorporation (NASDAQ:WABC) Sets New 52-Week High – Here’s What Happened

Westamerica Bancorporation (NASDAQ:WABC) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $53.36 and last traded at $52.9850, with a volume of 10512 shares traded. The stock had previously closed at $52.63.

Analyst Ratings Changes

Several brokerages have commented on WABC. Keefe, Bruyette & Woods boosted their target price on Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Westamerica Bancorporation in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday. Three analysts have rated the stock with a Hold rating, According to MarketBeat, Westamerica Bancorporation presently has a consensus rating of “Hold” and a consensus price target of $52.50.

Westamerica Bancorporation Stock Up 0.3%

The company has a market cap of $1.32 billion, a price-to-earnings ratio of 11.69 and a beta of 0.62. The stock’s 50-day moving average is $49.97 and its 200-day moving average is $48.91. The company has a current ratio of 0.26, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05. The firm had revenue of $66.05 million during the quarter, compared to the consensus estimate of $61.90 million. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. On average, analysts anticipate that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 2nd were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio (DPR) is 40.71%.

Westamerica Bancorporation announced that its board has approved a stock buyback plan on Thursday, December 18th that permits the company to buyback $2.00 million in shares. This buyback authorization permits the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Westamerica Bancorporation

Hedge funds have recently bought and sold shares of the business. UBS Group AG increased its stake in Westamerica Bancorporation by 279.4% during the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after purchasing an additional 336,714 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Westamerica Bancorporation by 101.3% during the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after buying an additional 200,884 shares during the last quarter. American Century Companies Inc. increased its position in shares of Westamerica Bancorporation by 9.3% during the second quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock worth $97,816,000 after acquiring an additional 171,991 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Westamerica Bancorporation by 87.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock worth $15,014,000 after acquiring an additional 144,405 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Westamerica Bancorporation in the 3rd quarter valued at about $5,831,000. Institutional investors and hedge funds own 81.89% of the company’s stock.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.