Westamerica Bancorporation (NASDAQ:WABC) Issues Earnings Results, Misses Expectations By $0.02 EPS

Westamerica Bancorporation (NASDAQ:WABC) announced its quarterly earnings data on Thursday. The financial services provider reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02), Yahoo Finance reports. Westamerica Bancorporation had a return on equity of 22.79% and a net margin of 48.35%. The firm had revenue of $78.84 million during the quarter, compared to analyst estimates of $77.34 million.

Westamerica Bancorporation Price Performance

Westamerica Bancorporation stock opened at $46.78 on Friday. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 7.90 and a beta of 0.56. The company’s 50 day simple moving average is $46.87 and its 200 day simple moving average is $48.98. Westamerica Bancorporation has a fifty-two week low of $35.52 and a fifty-two week high of $57.96.

Westamerica Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Monday, February 5th were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.76%. Westamerica Bancorporation’s dividend payout ratio is 29.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on WABC shares. Piper Sandler lowered their price target on shares of Westamerica Bancorporation from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday. Keefe, Bruyette & Woods lowered their target price on shares of Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, January 19th. Finally, StockNews.com downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday.

Insider Buying and Selling at Westamerica Bancorporation

In other news, CEO David L. Payne sold 8,728 shares of Westamerica Bancorporation stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total transaction of $444,691.60. Following the transaction, the chief executive officer now directly owns 333,689 shares of the company’s stock, valued at $17,001,454.55. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $46.79, for a total value of $527,416.88. Following the completion of the transaction, the chief executive officer now directly owns 242,417 shares of the company’s stock, valued at $11,342,691.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David L. Payne sold 8,728 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $50.95, for a total value of $444,691.60. Following the completion of the sale, the chief executive officer now owns 333,689 shares of the company’s stock, valued at $17,001,454.55. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,000 shares of company stock valued at $2,213,458. Corporate insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Westamerica Bancorporation

Several institutional investors and hedge funds have recently modified their holdings of WABC. Point72 Middle East FZE bought a new position in Westamerica Bancorporation in the second quarter valued at approximately $34,000. PNC Financial Services Group Inc. lifted its position in Westamerica Bancorporation by 91.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,293 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 616 shares in the last quarter. Money Concepts Capital Corp acquired a new position in Westamerica Bancorporation in the 4th quarter worth $70,000. Captrust Financial Advisors boosted its stake in Westamerica Bancorporation by 123.9% in the 1st quarter. Captrust Financial Advisors now owns 1,547 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 856 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in Westamerica Bancorporation during the 2nd quarter worth about $115,000. 81.89% of the stock is currently owned by institutional investors and hedge funds.

About Westamerica Bancorporation

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.