Westamerica Bancorporation (NASDAQ:WABC) Sets New 52-Week High on Strong Earnings

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

The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%. The company had revenue of $62.77 million during the quarter, compared to analyst estimates of $61.60 million. During the same period in the previous year, the business posted $1.12 earnings per share.

Westamerica Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a dividend of $0.48 per share. The ex-dividend date was Monday, May 4th. This represents a $1.92 annualized dividend and a dividend 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%.

Wall Street Analyst Weigh In

Several research firms have recently commented on WABC. Keefe, Bruyette & Woods upped their price objective on Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a research note on Friday, April 17th. Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Insider Buying and Selling

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Westamerica Bancorporation

Hedge funds have recently modified their holdings of the company. Bessemer Group Inc. increased its stake in shares of Westamerica Bancorporation by 42.6% in the first 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 lifted its stake in shares of Westamerica Bancorporation by 354.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after buying an additional 666 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Westamerica Bancorporation by 49.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock valued at $50,000 after buying an additional 351 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Westamerica Bancorporation by 7,286.7% in the 4th quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock worth $53,000 after buying an additional 1,093 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in Westamerica Bancorporation by 10,335.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider’s stock worth $70,000 after buying an additional 1,447 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors.

Westamerica Bancorporation Trading Up 5.8%

The firm has a market cap of $1.47 billion, a PE ratio of 13.91 and a beta of 0.56. The stock has a 50 day simple moving average of $57.06 and a 200-day simple moving average of $53.43.

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.