Westamerica Bancorporation (NASDAQ:WABC) Issues Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) released its earnings results on Thursday. The financial services provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.10 by $0.07, Zacks reports. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.

Westamerica Bancorporation Stock Performance

Shares of Westamerica Bancorporation stock traded up $2.28 on Thursday, hitting $61.30. 70,537 shares of the company’s stock were exchanged, compared to its average volume of 188,899. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $61.02. The company has a 50-day simple moving average of $56.90 and a 200-day simple moving average of $53.33. The stock has a market capitalization of $1.44 billion, a PE ratio of 13.64 and a beta of 0.56.

Westamerica Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a dividend of $0.48 per share. The ex-dividend date was Monday, May 4th. This represents a $1.92 annualized dividend and a dividend yield of 3.1%. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio is 42.76%.

Insider Activity at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 759 shares of the firm’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.90% of the stock is owned by company insiders.

Institutional Trading of Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in Westamerica Bancorporation by 354.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 666 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Westamerica Bancorporation by 49.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 351 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of Westamerica Bancorporation by 7,286.7% during the fourth quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,093 shares in the last quarter. Strs Ohio purchased a new position in shares of Westamerica Bancorporation during the first quarter valued at about $96,000. Finally, Jones Financial Companies Lllp bought a new stake in shares of Westamerica Bancorporation in the first quarter worth about $99,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a research report on Friday, April 17th. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.00.

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.