Westamerica Bancorporation (NASDAQ:WABC) Releases Earnings Results, Beats Expectations By $0.05 EPS

Westamerica Bancorporation (NASDAQ:WABC) released its earnings results on Thursday. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.05, Zacks reports. Westamerica Bancorporation had a return on equity of 12.31% and a net margin of 41.71%.

Westamerica Bancorporation Trading Up 3.5%

WABC stock traded up $2.08 during midday trading on Thursday, hitting $60.78. The stock had a trading volume of 115,827 shares, compared to its average volume of 189,917. The firm has a market cap of $1.40 billion, a P/E ratio of 13.39 and a beta of 0.56. Westamerica Bancorporation has a 1-year low of $44.93 and a 1-year high of $63.61. The business has a fifty day moving average price of $59.05 and a two-hundred day moving average price of $57.40.

Westamerica Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a $0.48 dividend. The ex-dividend date was Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.2%. Westamerica Bancorporation’s payout ratio is 42.29%.

Wall Street Analyst Weigh In

WABC has been the subject of several research analyst reports. Wall Street Zen raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Keefe, Bruyette & Woods lifted their price target on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the company a “market perform” rating in a report on Friday, July 17th. Finally, Weiss Ratings raised shares of Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

About Westamerica Bancorporation

Westamerica Bancorporation is a bank holding company headquartered in San Rafael, California. Its principal subsidiary, Westamerica Bank, is a community bank serving individuals, businesses, nonprofit organizations and public entities in Northern and Central California.

Westamerica Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, commercial and consumer loans, residential and commercial real estate financing, and lines of credit.