Westamerica Bancorporation (NASDAQ:WABC) Price Target Raised to $64.00

Westamerica Bancorporation (NASDAQ:WABC) had its price objective upped by Keefe, Bruyette & Woods from $60.00 to $64.00 in a research note released on Friday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Separately, Weiss Ratings raised shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.00.

Westamerica Bancorporation Stock Performance

Shares of WABC opened at $61.36 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.20 and a quick ratio of 0.22. Westamerica Bancorporation has a 1 year low of $44.93 and a 1 year high of $63.61. The company has a 50 day simple moving average of $57.19 and a two-hundred day simple moving average of $53.51. The firm has a market cap of $1.44 billion, a P/E ratio of 13.52 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.31%. The firm had revenue of $62.77 million for the quarter, compared to analysts’ expectations of $61.60 million. During the same quarter last year, the business posted $1.12 earnings per share.

Westamerica Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were issued a dividend of $0.48 per share. The ex-dividend date was Monday, May 4th. This represents a $1.92 annualized dividend and a yield of 3.1%. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio (DPR) is 42.29%.

Institutional Trading of Westamerica Bancorporation

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of Westamerica Bancorporation by 6.8% during the 1st quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock valued at $938,000 after acquiring an additional 1,183 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Westamerica Bancorporation by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 642 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in Westamerica Bancorporation during the first quarter valued at $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Westamerica Bancorporation by 9.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock valued at $3,243,000 after purchasing an additional 5,293 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in Westamerica Bancorporation by 815.8% during the first quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock valued at $3,416,000 after purchasing an additional 60,102 shares during the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

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.