Westamerica Bancorporation (NASDAQ:WABC) Posts Earnings Results, Beats Estimates By $0.05 EPS

Westamerica Bancorporation (NASDAQ:WABC) posted its quarterly earnings results on Thursday. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.05, Zacks reports. Westamerica Bancorporation had a net margin of 43.19% and a return on equity of 13.10%.

Westamerica Bancorporation Stock Up 3.9%

Westamerica Bancorporation stock traded up $1.92 during midday trading on Thursday, hitting $50.44. 93,660 shares of the company were exchanged, compared to its average volume of 124,083. The company has a market cap of $1.26 billion, a PE ratio of 10.99 and a beta of 0.62. Westamerica Bancorporation has a fifty-two week low of $42.00 and a fifty-two week high of $53.85. The company’s fifty day moving average price is $48.38 and its 200-day moving average price is $48.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.29 and a quick ratio of 0.29.

Westamerica Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Monday, November 3rd were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, November 3rd. Westamerica Bancorporation’s payout ratio is currently 40.09%.

Westamerica Bancorporation announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 0.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Brevan Howard Capital Management LP bought a new position in shares of Westamerica Bancorporation during the third quarter valued at approximately $333,000. Horizon Investments LLC boosted its position in Westamerica Bancorporation by 21.9% during the 3rd quarter. Horizon Investments LLC now owns 11,460 shares of the financial services provider’s stock valued at $567,000 after purchasing an additional 2,055 shares during the period. Entropy Technologies LP bought a new position in Westamerica Bancorporation during the 3rd quarter worth $344,000. Franklin Resources Inc. increased its position in Westamerica Bancorporation by 20.8% in the third quarter. Franklin Resources Inc. now owns 9,034 shares of the financial services provider’s stock worth $452,000 after buying an additional 1,555 shares during the period. Finally, Marshall Wace LLP bought a new stake in Westamerica Bancorporation in the second quarter valued at $942,000. Institutional investors and hedge funds own 81.89% of the company’s stock.

Analyst Upgrades and Downgrades

WABC has been the topic of several analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research note on Wednesday, October 8th. Wall Street Zen downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $52.00.

Westamerica Bancorporation Company Profile

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.