Westamerica Bancorporation (NASDAQ:WABC) Reaches New 52-Week High – Should You Buy?

Westamerica Bancorporation (NASDAQ:WABC) reached a new 52-week high on Friday . The stock traded as high as $53.36 and last traded at $52.4860, with a volume of 4786 shares trading hands. The stock had previously closed at $51.51.

Analyst Upgrades and Downgrades

Several research firms have issued reports on WABC. Keefe, Bruyette & Woods boosted their price objective on shares of 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 restated a “hold (c)” rating on shares of Westamerica Bancorporation in a research note on Wednesday, January 21st. Finally, Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $52.50.

Westamerica Bancorporation Stock Up 1.0%

The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 11.68 and a beta of 0.62. The company has a quick ratio of 0.29, a current ratio of 0.26 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average price of $49.31 and a two-hundred day moving average price of $48.73.

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

Westamerica Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Monday, February 2nd will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.5%. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 40.71%.

Westamerica Bancorporation announced that its Board of Directors has initiated a share repurchase program on Thursday, December 18th that authorizes the company to repurchase $2.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Westamerica Bancorporation

Several hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its stake in shares of 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 purchasing an additional 666 shares in the last quarter. MAI Capital Management raised its stake in Westamerica Bancorporation by 126.1% during the second quarter. MAI Capital Management now owns 866 shares of the financial services provider’s stock valued at $42,000 after buying an additional 483 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in Westamerica Bancorporation by 201.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 840 shares of the financial services provider’s stock worth $42,000 after buying an additional 561 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in 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 worth $50,000 after buying an additional 351 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Westamerica Bancorporation by 10,335.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 1,447 shares in the last quarter. Institutional investors 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.