Westamerica Bancorporation (NASDAQ:WABC) Issues Quarterly Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) issued its quarterly earnings results on Thursday. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02), Yahoo Finance reports. Westamerica Bancorporation had a return on equity of 23.61% and a net margin of 49.39%.

Westamerica Bancorporation Stock Performance

Shares of WABC opened at $45.55 on Friday. The company has a market capitalization of $1.22 billion, a P/E ratio of 7.52 and a beta of 0.56. The business’s 50-day moving average is $46.84 and its two-hundred day moving average is $48.95. 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 firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Monday, February 5th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.86%. The ex-dividend date was Friday, February 2nd. Westamerica Bancorporation’s payout ratio is 29.04%.

Insider Activity

In related news, CEO David L. Payne sold 15,000 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $49.75, for a total transaction of $746,250.00. Following the sale, the chief executive officer now directly owns 288,689 shares of the company’s stock, valued at $14,362,277.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO David L. Payne sold 10,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $49.51, for a total transaction of $495,100.00. Following the sale, the chief executive officer now directly owns 268,689 shares of the company’s stock, valued at $13,302,792.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David L. Payne sold 15,000 shares of Westamerica Bancorporation stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $49.75, for a total transaction of $746,250.00. Following the completion of the transaction, the chief executive officer now directly owns 288,689 shares of the company’s stock, valued at approximately $14,362,277.75. The disclosure for this sale can be found here. Insiders sold a total of 45,000 shares of company stock valued at $2,213,458 in the last quarter. 4.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Westamerica Bancorporation

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in Westamerica Bancorporation by 4.7% in the 1st quarter. BlackRock Inc. now owns 3,982,861 shares of the financial services provider’s stock worth $176,441,000 after purchasing an additional 179,782 shares during the period. Vanguard Group Inc. raised its stake in shares of Westamerica Bancorporation by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 3,218,835 shares of the financial services provider’s stock worth $168,312,000 after buying an additional 43,011 shares during the period. State Street Corp lifted its position in shares of Westamerica Bancorporation by 7.6% during the 2nd quarter. State Street Corp now owns 1,334,460 shares of the financial services provider’s stock valued at $51,110,000 after buying an additional 93,807 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Westamerica Bancorporation by 5.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 726,422 shares of the financial services provider’s stock valued at $32,180,000 after acquiring an additional 40,598 shares during the period. Finally, Morgan Stanley increased its holdings in Westamerica Bancorporation by 161.7% in the 4th quarter. Morgan Stanley now owns 695,619 shares of the financial services provider’s stock worth $41,049,000 after acquiring an additional 429,802 shares in the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. StockNews.com downgraded shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Keefe, Bruyette & Woods cut their target price on Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, January 19th. Finally, Piper Sandler lowered their price target on Westamerica Bancorporation from $56.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, January 19th.

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.