Westamerica Bancorporation (NASDAQ:WABC) Sets New 52-Week High Following Earnings Beat

Shares of Westamerica Bancorporation (NASDAQ:WABC) reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $61.02 and last traded at $61.3790, with a volume of 62180 shares. The stock had previously closed at $59.02.

The financial services provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. The company had revenue of $62.77 million during the quarter, compared to analyst estimates of $61.60 million. Westamerica Bancorporation had a return on equity of 12.10% and a net margin of 41.71%.During the same quarter in the prior year, the business earned $1.12 earnings per share.

Westamerica Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were paid a dividend of $0.48 per share. This is an increase from Westamerica Bancorporation’s previous quarterly dividend of $0.46. The ex-dividend date was Monday, May 4th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.1%. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 42.76%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WABC. Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday. Keefe, Bruyette & Woods increased their price target on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Westamerica Bancorporation currently has an average rating of “Moderate Buy” and a consensus price target of $64.00.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. boosted 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 grew its position in Westamerica Bancorporation by 19.9% during 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in 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 worth $2,044,000 after purchasing an additional 201 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Westamerica Bancorporation by 0.7% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider’s stock valued at $1,570,000 after purchasing an additional 213 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in Westamerica Bancorporation by 1.7% during the 4th quarter. Royal Bank of Canada now owns 14,761 shares of the financial services provider’s stock valued at $706,000 after purchasing an additional 241 shares in the last quarter. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

Westamerica Bancorporation Price Performance

The stock’s fifty day simple moving average is $57.19 and its 200-day simple moving average is $53.48. The firm has a market cap of $1.44 billion, a PE ratio of 13.52 and a beta of 0.56.

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.