Westamerica Bancorporation (NASDAQ:WABC) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Westamerica Bancorporation (NASDAQ:WABC)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $54.90 and traded as high as $59.87. Westamerica Bancorporation shares last traded at $59.55, with a volume of 139,580 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on WABC shares. Wall Street Zen raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Keefe, Bruyette & Woods lifted their price target on Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. Finally, Weiss Ratings downgraded Westamerica Bancorporation from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $64.00.

Westamerica Bancorporation Trading Down 0.1%

The stock has a market cap of $1.38 billion, a P/E ratio of 13.19 and a beta of 0.56. The stock has a 50 day simple moving average of $59.08 and a 200 day simple moving average of $54.97.

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

Westamerica Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $1.92 annualized dividend and a yield of 3.2%. Westamerica Bancorporation’s dividend payout ratio is currently 42.29%.

Hedge Funds Weigh In On Westamerica Bancorporation

Several hedge funds have recently bought and sold shares of WABC. Bessemer Group Inc. raised its position in shares of Westamerica Bancorporation by 42.6% in the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock valued at $33,000 after buying an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Westamerica Bancorporation by 19.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,171 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 194 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Westamerica Bancorporation by 0.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 42,725 shares of the financial services provider’s stock worth $2,044,000 after acquiring an additional 201 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Westamerica Bancorporation by 0.7% in the second quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider’s stock valued at $1,570,000 after acquiring an additional 213 shares during the last quarter. Finally, Royal Bank of Canada raised its position in Westamerica Bancorporation by 1.7% during the fourth quarter. Royal Bank of Canada now owns 14,761 shares of the financial services provider’s stock valued at $706,000 after purchasing an additional 241 shares in the last quarter. 81.89% of the stock is owned by 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.