Westamerica Bancorporation (NASDAQ:WABC) Sets New 52-Week High – Time to Buy?

Westamerica Bancorporation (NASDAQ:WABC)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $59.37 and last traded at $59.1930, with a volume of 69239 shares traded. The stock had previously closed at $58.78.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Keefe, Bruyette & Woods boosted their price objective on Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a report on Friday, April 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.00.

Westamerica Bancorporation Stock Performance

The firm has a market capitalization of $1.38 billion, a P/E ratio of 13.13 and a beta of 0.56. The firm has a 50 day simple moving average of $55.63 and a two-hundred day simple moving average of $52.37.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%. The firm had revenue of $62.08 million during the quarter, compared to analyst estimates of $60.70 million.

Westamerica Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s payout ratio is currently 42.76%.

Insider Buying and Selling

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of Westamerica Bancorporation 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 link. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Westamerica Bancorporation

Hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. boosted its position in 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 during the last quarter. EverSource Wealth Advisors LLC increased its position 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 purchasing an additional 666 shares during the last quarter. PNC Financial Services Group Inc. raised 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 worth $50,000 after purchasing an additional 351 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Westamerica Bancorporation by 7,286.7% during the 4th quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,093 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of 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 during the last quarter. 81.89% of the stock is currently owned by 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.