Westamerica Bancorporation (WABC) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS
Westamerica Bancorporation (NASDAQ:WABC) announced its quarterly earnings data on Thursday. The financial services provider reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.04, Morningstar.com reports. Westamerica Bancorporation had a return on equity of 10.53% and a net margin of 33.11%. The business had revenue of $47.90 million for the quarter, compared to the consensus estimate of $46.70 million. During the same period in the previous year, the business earned $0.57 earnings per share. The business’s revenue was down .6% on a year-over-year basis.
Westamerica Bancorporation (WABC) traded up 0.46% during midday trading on Thursday, hitting $54.60. The company had a trading volume of 87,838 shares. The company has a 50 day moving average price of $54.96 and a 200 day moving average price of $55.95. Westamerica Bancorporation has a 1-year low of $46.51 and a 1-year high of $65.34. The firm has a market capitalization of $1.44 billion, a P/E ratio of 23.74 and a beta of 1.06.
Several brokerages have recently commented on WABC. Keefe, Bruyette & Woods upgraded Westamerica Bancorporation from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $54.00 to $56.00 in a research report on Friday, April 21st. Maxim Group restated a “hold” rating on shares of Westamerica Bancorporation in a research report on Friday, April 21st. Finally, BidaskClub downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $56.00.
In other Westamerica Bancorporation news, SVP David L. Robinson sold 1,221 shares of the firm’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $58.39, for a total value of $71,294.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John A. Thorson sold 8,332 shares of the firm’s stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $58.50, for a total transaction of $487,422.00. Following the completion of the transaction, the chief financial officer now directly owns 8,332 shares in the company, valued at $487,422. The disclosure for this sale can be found here. Insiders sold a total of 10,856 shares of company stock worth $634,407 over the last three months. Corporate insiders own 4.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in WABC. First Interstate Bank purchased a new position in shares of Westamerica Bancorporation during the first quarter worth approximately $104,000. Ameritas Investment Partners Inc. purchased a new position in shares of Westamerica Bancorporation during the first quarter worth approximately $119,000. Northwest Investment Counselors LLC purchased a new position in shares of Westamerica Bancorporation during the second quarter worth approximately $134,000. SG Americas Securities LLC boosted its position in shares of Westamerica Bancorporation by 20.1% in the first quarter. SG Americas Securities LLC now owns 2,795 shares of the financial services provider’s stock worth $156,000 after buying an additional 467 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Westamerica Bancorporation during the first quarter worth approximately $157,000. Institutional investors and hedge funds own 86.73% of the company’s stock.
About Westamerica Bancorporation
Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.
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