Westamerica Bancorporation (NASDAQ:WABC) posted its earnings results on Thursday. The financial services provider reported $0.63 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.06), MarketWatch Earnings reports. The company had revenue of $48.25 million for the quarter. Westamerica Bancorporation had a net margin of 28.19% and a return on equity of 11.15%.
NASDAQ:WABC traded down $0.59 during mid-day trading on Friday, reaching $56.59. The stock had a trading volume of 3,114 shares, compared to its average volume of 82,380. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 23.67 and a beta of 1.05. Westamerica Bancorporation has a one year low of $53.26 and a one year high of $64.76.
Westamerica Bancorporation announced that its board has authorized a share buyback program on Thursday, July 26th that permits the company to repurchase 1,750,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, SVP Dennis R. Hansen sold 16,467 shares of the business’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $59.71, for a total value of $983,244.57. Following the completion of the sale, the senior vice president now owns 18,787 shares in the company, valued at approximately $1,121,771.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.50% of the company’s stock.
About Westamerica Bancorporation
Westamerica Bancorporation operates as a bank holding company for Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit to local businesses and professionals.
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