Westamerica Bancorporation (NASDAQ:WABC) Hits New 12-Month High – Still a Buy?

Shares of Westamerica Bancorporation (NASDAQ:WABC) reached a new 52-week high on Tuesday . The stock traded as high as $56.24 and last traded at $56.18, with a volume of 23406 shares traded. The stock had previously closed at $55.36.

Analysts Set New Price Targets

A number of research firms have recently commented on WABC. Keefe, Bruyette & Woods lifted their target price on Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a research note on Friday, April 17th. Wall Street Zen cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.00.

Westamerica Bancorporation Stock Up 0.8%

The stock has a market cap of $1.31 billion, a P/E ratio of 12.43 and a beta of 0.57. The business’s 50-day simple moving average is $53.23 and its two-hundred day simple moving average is $50.89.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%. The company had revenue of $62.08 million for the quarter, compared to analysts’ expectations of $60.70 million.

Westamerica Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.4%. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. The ex-dividend date was Monday, May 4th. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 42.76%.

Insider Activity

In related news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.90% of the company’s stock.

Institutional Trading of Westamerica Bancorporation

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. lifted its stake in Westamerica Bancorporation by 42.6% in the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Westamerica Bancorporation by 19.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,171 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 194 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased 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 valued at $2,044,000 after purchasing an additional 201 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Westamerica Bancorporation by 0.7% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider’s stock worth $1,570,000 after buying an additional 213 shares during the last quarter. Finally, Royal Bank of Canada grew 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 acquiring an additional 241 shares during the last quarter. Institutional investors own 81.89% of the company’s stock.

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.