Westamerica Bancorporation (NASDAQ:WABC) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Westamerica Bancorporation (NASDAQ:WABC)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $48.73 and traded as high as $51.82. Westamerica Bancorporation shares last traded at $48.52, with a volume of 112,817 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on WABC shares. Wall Street Zen lowered Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Weiss Ratings restated a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $52.00.

Westamerica Bancorporation Stock Performance

The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 10.57 and a beta of 0.62. The firm’s fifty day moving average price is $48.27 and its 200 day moving average price is $48.73.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, October 16th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $63.20 million during the quarter, compared to the consensus estimate of $64.20 million. Westamerica Bancorporation had a net margin of 43.19% and a return on equity of 13.10%. Analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Monday, November 3rd were paid a $0.46 dividend. The ex-dividend date was Monday, November 3rd. This represents a $1.84 annualized dividend and a dividend yield of 3.8%. Westamerica Bancorporation’s payout ratio is 40.09%.

Westamerica Bancorporation announced that its Board of Directors has authorized a stock buyback program on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WABC. CANADA LIFE ASSURANCE Co grew its holdings 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 worth $1,570,000 after acquiring an additional 213 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Westamerica Bancorporation by 4.9% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,833 shares of the financial services provider’s stock worth $283,000 after purchasing an additional 274 shares in the last quarter. US Bancorp DE grew its stake in shares of Westamerica Bancorporation by 6.3% during the third quarter. US Bancorp DE now owns 4,918 shares of the financial services provider’s stock worth $246,000 after purchasing an additional 290 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Westamerica Bancorporation by 5.2% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,722 shares of the financial services provider’s stock valued at $326,000 after buying an additional 331 shares during the last quarter. Finally, MAI Capital Management raised its stake in Westamerica Bancorporation by 126.1% in the second quarter. MAI Capital Management now owns 866 shares of the financial services provider’s stock valued at $42,000 after buying an additional 483 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

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.