Westamerica Bancorporation (NASDAQ:WABC) Stock Crosses Above 200-Day Moving Average – What’s Next?

Westamerica Bancorporation (NASDAQ:WABC)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $49.20 and traded as high as $50.13. Westamerica Bancorporation shares last traded at $49.94, with a volume of 163,181 shares traded.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Wall Street Zen downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Finally, Keefe, Bruyette & Woods raised their price target on Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $52.50.

Westamerica Bancorporation Stock Down 0.3%

The stock’s fifty day moving average price is $50.65 and its 200 day moving average price is $49.20. The stock has a market cap of $1.22 billion, a PE ratio of 11.05 and a beta of 0.61.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05. The company had revenue of $63.31 million during the quarter, compared to the consensus estimate of $61.90 million. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. On average, equities research analysts expect 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 was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were paid a $0.46 dividend. The ex-dividend date was Monday, February 2nd. This represents a $1.84 annualized dividend and a dividend yield of 3.7%. Westamerica Bancorporation’s payout ratio is currently 40.71%.

Westamerica Bancorporation declared that its board has authorized a stock buyback program on Thursday, December 18th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Westamerica Bancorporation

Several institutional investors have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in Westamerica Bancorporation by 6.8% during the 1st quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock valued at $938,000 after acquiring an additional 1,183 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Westamerica Bancorporation by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock worth $773,000 after acquiring an additional 642 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of Westamerica Bancorporation during the first quarter valued at approximately $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Westamerica Bancorporation by 9.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock valued at $3,243,000 after purchasing an additional 5,293 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in Westamerica Bancorporation by 815.8% during the first quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock valued at $3,416,000 after purchasing an additional 60,102 shares during the period. 81.89% of the stock is 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.