Westamerica Bancorporation (NASDAQ:WABC) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Westamerica Bancorporation (NASDAQ:WABC) released its quarterly earnings data on Thursday. The financial services provider reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07, Zacks reports. The firm had revenue of $62.77 million for the quarter, compared to the consensus estimate of $61.60 million. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.10%. During the same quarter in the previous year, the firm earned $1.12 earnings per share.

Westamerica Bancorporation Trading Down 1.8%

NASDAQ:WABC opened at $61.36 on Friday. The firm’s fifty day simple moving average is $57.19 and its 200 day simple moving average is $53.48. Westamerica Bancorporation has a twelve month low of $44.93 and a twelve month high of $63.61. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 13.52 and a beta of 0.56.

Westamerica Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Monday, May 4th. Westamerica Bancorporation’s dividend payout ratio is presently 42.76%.

Insider Buying and Selling at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 759 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Westamerica Bancorporation

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in shares of Westamerica Bancorporation by 354.3% during the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 666 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Westamerica Bancorporation by 49.9% in the fourth 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 during the last quarter. Quadrant Capital Group LLC raised its stake in Westamerica Bancorporation by 7,286.7% during the fourth quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock valued at $53,000 after buying an additional 1,093 shares in the last quarter. Strs Ohio acquired a new stake in Westamerica Bancorporation during the first quarter valued at approximately $96,000. Finally, Jones Financial Companies Lllp bought a new position in Westamerica Bancorporation during the 1st quarter worth approximately $99,000. Institutional investors own 81.89% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on WABC. Wall Street Zen raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday. Keefe, Bruyette & Woods boosted their target price on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the company a “market perform” rating in a research note on Friday. Finally, Weiss Ratings upgraded shares of 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 issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $64.00.

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.