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

Shares of Westamerica Bancorporation (NASDAQ:WABC) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $53.36 and last traded at $52.4860, with a volume of 4786 shares trading hands. The stock had previously closed at $51.51.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on WABC shares. Wall Street Zen upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, Westamerica Bancorporation presently has a consensus rating of “Hold” and a consensus target price of $52.50.

Westamerica Bancorporation Stock Up 0.3%

The firm has a 50-day moving average of $49.40 and a two-hundred day moving average of $48.75. The company has a market capitalization of $1.31 billion, a PE ratio of 11.61 and a beta of 0.62. The company has a quick ratio of 0.29, a current ratio of 0.26 and a debt-to-equity ratio of 0.14.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings data on Thursday, January 15th. The financial services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.07 by $0.05. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. The business had revenue of $66.05 million for the quarter, compared to analyst estimates of $61.90 million. Equities research analysts predict that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Monday, February 2nd will be given a $0.46 dividend. The ex-dividend date is Monday, February 2nd. This represents a $1.84 annualized dividend and a dividend yield of 3.5%. Westamerica Bancorporation’s dividend payout ratio is currently 40.71%.

Westamerica Bancorporation announced that its Board of Directors has approved a share repurchase plan 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 reacquire up to 0.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Westamerica Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased 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 in the last quarter. FourThought Financial Partners LLC acquired a new stake in shares of Westamerica Bancorporation during the 4th quarter worth about $241,000. PNC Financial Services Group Inc. grew its holdings in shares of 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 worth $50,000 after buying an additional 351 shares in the last quarter. Horizon Investments LLC raised its position in shares of Westamerica Bancorporation by 11.1% in the fourth quarter. Horizon Investments LLC now owns 12,728 shares of the financial services provider’s stock valued at $609,000 after buying an additional 1,268 shares during the last quarter. Finally, UBS Group AG raised its position in shares of Westamerica Bancorporation by 279.4% in the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after buying an additional 336,714 shares during the last quarter. 81.89% of the stock is currently owned by hedge funds and other 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.