Westamerica Bancorporation (NASDAQ:WABC) Issues Quarterly Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) posted its earnings results on Thursday. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07, Zacks reports. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.The company had revenue of $62.77 million for the quarter, compared to analysts’ expectations of $61.60 million. During the same period last year, the business posted $1.12 earnings per share.

Westamerica Bancorporation Stock Up 5.8%

Westamerica Bancorporation stock opened at $62.46 on Friday. Westamerica Bancorporation has a 12 month low of $44.93 and a 12 month high of $62.53. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 13.91 and a beta of 0.56. The business has a 50 day moving average price of $57.06 and a two-hundred day moving average price of $53.43.

Westamerica Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a $0.48 dividend. The ex-dividend date was Monday, May 4th. This represents a $1.92 annualized dividend and a yield of 3.1%. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio (DPR) is 42.76%.

Insider Transactions at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of Westamerica Bancorporation stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.90% of the stock is owned by company insiders.

Institutional Trading of Westamerica Bancorporation

Several hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its stake in Westamerica Bancorporation by 354.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock worth $41,000 after buying an additional 666 shares during the period. PNC Financial Services Group Inc. increased its stake in Westamerica Bancorporation by 49.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 351 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Westamerica Bancorporation by 7,286.7% during the 4th quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,093 shares in the last quarter. Strs Ohio acquired a new stake in Westamerica Bancorporation during the 1st quarter worth approximately $96,000. Finally, Jones Financial Companies Lllp bought a new position in Westamerica Bancorporation in the first quarter valued at approximately $99,000. 81.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WABC. Weiss Ratings raised Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Keefe, Bruyette & Woods lifted their price objective on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

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.