Westamerica Bancorporation (NASDAQ:WABC) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Westamerica Bancorporation (NASDAQ:WABC) posted its earnings results on Thursday. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05, Zacks reports. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%.

Westamerica Bancorporation Trading Up 0.9%

Shares of NASDAQ:WABC traded up $0.46 during trading on Thursday, reaching $53.76. The stock had a trading volume of 123,585 shares, compared to its average volume of 180,162. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $54.71. The company has a market capitalization of $1.30 billion, a P/E ratio of 11.86 and a beta of 0.57. The firm’s 50-day simple moving average is $51.70 and its 200 day simple moving average is $49.61.

Westamerica Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 2nd were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 3.4%. Westamerica Bancorporation’s dividend payout ratio (DPR) is 40.71%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on WABC shares. Wall Street Zen lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Keefe, Bruyette & Woods boosted their price objective on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Finally, Weiss Ratings raised shares of Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $52.50.

Institutional Trading of Westamerica Bancorporation

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted 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 acquiring an additional 666 shares during the last quarter. PNC Financial Services Group Inc. boosted its position 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 valued at $50,000 after acquiring an additional 351 shares during the last quarter. Quadrant Capital Group LLC boosted its position 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 valued at $53,000 after acquiring an additional 1,093 shares during the last quarter. Strs Ohio acquired a new position in shares of Westamerica Bancorporation during the 1st quarter valued at about $96,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Westamerica Bancorporation during the 1st quarter valued at about $99,000. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation declared that its board has approved a share repurchase plan on Thursday, December 18th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 0.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

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.