Westamerica Bancorporation (NASDAQ:WABC) Sets New 1-Year High – What’s Next?

Westamerica Bancorporation (NASDAQ:WABC) shares hit a new 52-week high on Thursday . The stock traded as high as $59.25 and last traded at $58.5560, with a volume of 58048 shares changing hands. The stock had previously closed at $57.97.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WABC. Keefe, Bruyette & Woods raised their price target on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a research report on Friday, April 17th. 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 investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $58.00.

Westamerica Bancorporation Stock Up 0.3%

The company’s fifty day moving average is $55.06 and its 200-day moving average is $51.94. The company has a market cap of $1.36 billion, a PE ratio of 12.90 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last issued 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 company had revenue of $62.08 million for the quarter, compared to analysts’ expectations of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders 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 dividend yield of 3.3%. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio is 42.76%.

Insider Buying and Selling at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of Westamerica Bancorporation stock in a transaction on Monday, April 20th. The shares were sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bessemer Group Inc. boosted its stake in shares of Westamerica Bancorporation by 42.6% during the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake 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 period. PNC Financial Services Group Inc. grew 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 valued at $50,000 after acquiring an additional 351 shares during the period. Quadrant Capital Group LLC grew 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 valued at $53,000 after acquiring an additional 1,093 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in shares of Westamerica Bancorporation by 10,335.7% during the 4th quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider’s stock valued at $70,000 after acquiring an additional 1,447 shares during the period. Hedge funds and other institutional investors own 81.89% of the company’s stock.

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.