Keefe, Bruyette & Woods Issues Positive Forecast for Westamerica Bancorporation (NASDAQ:WABC) Stock Price

Westamerica Bancorporation (NASDAQ:WABC) had its price objective lifted by Keefe, Bruyette & Woods from $60.00 to $64.00 in a research report sent to investors on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Separately, Weiss Ratings upgraded 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 given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $64.00.

Westamerica Bancorporation Stock Down 1.8%

NASDAQ:WABC opened at $61.36 on Friday. The company has a market cap of $1.44 billion, a P/E ratio of 13.52 and a beta of 0.56. Westamerica Bancorporation has a twelve month low of $44.93 and a twelve month high of $63.61. The business has a 50 day moving average price of $57.19 and a two-hundred day moving average price of $53.48.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07. The company had revenue of $62.77 million for the quarter, compared to the consensus estimate of $61.60 million. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.10%. During the same period last year, the company earned $1.12 earnings per share.

Westamerica Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were given a dividend of $0.48 per share. The ex-dividend date was Monday, May 4th. This represents a $1.92 annualized dividend and a yield of 3.1%. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio is 42.76%.

Insiders Place Their Bets

In other news, SVP Robert James Baker, Jr. sold 759 shares of the company’s stock in a transaction 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 document filed with the SEC, which is available through this link. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Westamerica Bancorporation

Several hedge funds and other institutional investors have recently made changes to their positions in WABC. Royal Bank of Canada raised its holdings in shares of Westamerica Bancorporation by 6.8% in the 1st quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock worth $938,000 after purchasing an additional 1,183 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Westamerica Bancorporation by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock valued at $773,000 after acquiring an additional 642 shares during the period. Jones Financial Companies Lllp bought a new stake in Westamerica Bancorporation in the 1st quarter valued at about $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in 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 holdings 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 last quarter. 81.89% of the stock is owned by institutional investors.

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.