Westamerica Bancorporation (NASDAQ:WABC) Sets New 52-Week High – Time to Buy?

Westamerica Bancorporation (NASDAQ:WABC)’s stock price reached a new 52-week high on Friday . The company traded as high as $57.00 and last traded at $56.52, with a volume of 44227 shares trading hands. The stock had previously closed at $56.32.

Analysts Set New Price Targets

WABC has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. 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. Finally, Keefe, Bruyette & Woods lifted their price target 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 equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.00.

Westamerica Bancorporation Price Performance

The stock has a market capitalization of $1.33 billion, a P/E ratio of 12.60 and a beta of 0.56. The business’s 50 day moving average price is $54.16 and its 200 day moving average price is $51.36.

Westamerica Bancorporation (NASDAQ:WABC) last announced its 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 business had revenue of $62.08 million during the quarter, compared to analysts’ expectations of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm 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 is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a yield of 3.4%. Westamerica Bancorporation’s payout ratio is 42.76%.

Insiders Place Their Bets

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction that occurred on 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 filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its position in Westamerica Bancorporation by 42.6% in the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 190 shares during the period. EverSource Wealth Advisors LLC raised its position in Westamerica Bancorporation by 354.3% in the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 666 shares during the period. Hantz Financial Services Inc. lifted its holdings in Westamerica Bancorporation by 201.1% during the third quarter. Hantz Financial Services Inc. now owns 840 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 561 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Westamerica Bancorporation by 49.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 351 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its holdings in Westamerica Bancorporation by 7,286.7% during the fourth quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 1,093 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors.

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.