Westamerica Bancorporation (NASDAQ:WABC) Reaches New 12-Month High – Time to Buy?

Shares of Westamerica Bancorporation (NASDAQ:WABC) reached a new 52-week high on Wednesday . The company traded as high as $59.74 and last traded at $59.3580, with a volume of 28633 shares trading hands. The stock had previously closed at $58.67.

Wall Street Analyst Weigh In

WABC has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their target price on Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a report on Friday, April 17th. Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.00.

Westamerica Bancorporation Price Performance

The firm’s 50 day moving average price is $55.93 and its 200-day moving average price is $52.60. The stock has a market cap of $1.41 billion, a P/E ratio of 13.40 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share for the quarter, beating 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 company had revenue of $62.08 million during the quarter, compared to the consensus estimate of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders 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 yield of 3.2%. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio (DPR) is 42.76%.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the business’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

Several large investors have recently bought and sold shares of WABC. Dimensional Fund Advisors LP lifted its stake in Westamerica Bancorporation by 5.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock valued at $49,265,000 after acquiring an additional 47,127 shares during the period. UBS Group AG grew its stake in shares of Westamerica Bancorporation by 279.4% in the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock worth $21,868,000 after acquiring an additional 336,714 shares during the period. Millennium Management LLC raised its holdings in shares of Westamerica Bancorporation by 101.3% during the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after purchasing an additional 200,884 shares during the last quarter. AQR Capital Management LLC lifted its position in Westamerica Bancorporation by 35.9% during the fourth quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock valued at $18,263,000 after purchasing an additional 100,867 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Westamerica Bancorporation by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 298,471 shares of the financial services provider’s stock valued at $14,276,000 after purchasing an additional 14,121 shares during the period. 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.