Westamerica Bancorporation (NASDAQ:WABC) Hits New 1-Year High – Still a Buy?

Westamerica Bancorporation (NASDAQ:WABC) shares hit a new 52-week high on Wednesday . The stock traded as high as $59.74 and last traded at $59.3580, with a volume of 28633 shares traded. The stock had previously closed at $58.67.

Analyst Ratings Changes

WABC has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a research report on Friday, April 17th. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Westamerica Bancorporation Stock Performance

The stock has a market cap of $1.40 billion, a PE ratio of 13.25 and a beta of 0.56. The stock has a fifty day moving average price of $56.19 and a 200 day moving average price of $52.75.

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

Westamerica Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a $0.48 dividend. This is an increase from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, May 4th. Westamerica Bancorporation’s payout ratio is currently 42.76%.

Insider Activity

In other news, SVP Robert James Baker, Jr. sold 759 shares of the firm’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $53.83, for a total value of $40,856.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WABC. Bank of America Corp DE lifted its stake in Westamerica Bancorporation by 48.0% in the first quarter. Bank of America Corp DE now owns 86,384 shares of the financial services provider’s stock worth $4,505,000 after purchasing an additional 28,009 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Westamerica Bancorporation during the first quarter valued at approximately $887,000. Royal Bank of Canada raised its holdings in shares of Westamerica Bancorporation by 1.9% in the first quarter. Royal Bank of Canada now owns 15,039 shares of the financial services provider’s stock worth $784,000 after buying an additional 278 shares during the period. Entropy Technologies LP purchased a new stake in shares of Westamerica Bancorporation in the first quarter worth approximately $352,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Westamerica Bancorporation by 59.6% during the 1st quarter. Renaissance Technologies LLC now owns 152,431 shares of the financial services provider’s stock worth $7,949,000 after acquiring an additional 56,900 shares during the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

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.