Westamerica Bancorporation (NASDAQ:WABC) issued its quarterly earnings data on Thursday. The financial services provider reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.01, Fidelity Earnings reports. Westamerica Bancorporation had a return on equity of 11.15% and a net margin of 28.19%. The company had revenue of $48.25 million during the quarter.
Shares of NASDAQ:WABC traded down $0.08 during trading on Friday, reaching $57.10. The company had a trading volume of 14,867 shares, compared to its average volume of 82,380. The firm has a market cap of $1.57 billion, a P/E ratio of 23.67 and a beta of 1.05. Westamerica Bancorporation has a fifty-two week low of $53.26 and a fifty-two week high of $64.76.
Westamerica Bancorporation declared that its board has initiated a share buyback plan on Thursday, July 26th that authorizes the company to repurchase 1,750,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
WABC has been the subject of a number of research reports. BidaskClub cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th. Maxim Group reiterated a “hold” rating on shares of Westamerica Bancorporation in a research note on Monday, July 23rd. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The company has an average rating of “Sell” and an average price target of $54.67.
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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