Westamerica Bancorporation (NASDAQ:WABC) Sets New 1-Year High After Better-Than-Expected Earnings

Westamerica Bancorporation (NASDAQ:WABC)’s share price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $61.02 and last traded at $61.3790, with a volume of 62180 shares changing hands. The stock had previously closed at $59.02.

The financial services provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%. The company had revenue of $62.77 million during the quarter, compared to analyst estimates of $61.60 million.

Westamerica Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders 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 dividend yield of 3.1%. This is a boost 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 42.76%.

Analysts Set New Price Targets

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

Insider Activity at Westamerica Bancorporation

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

Hedge Funds Weigh In On Westamerica Bancorporation

Several institutional investors have recently bought and sold shares of WABC. Royal Bank of Canada raised its stake in Westamerica Bancorporation by 6.8% in the first quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock worth $938,000 after buying an additional 1,183 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Westamerica Bancorporation by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock valued at $773,000 after acquiring an additional 642 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Westamerica Bancorporation in the 1st quarter valued at $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Westamerica Bancorporation by 9.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock valued at $3,243,000 after acquiring an additional 5,293 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Westamerica Bancorporation by 815.8% in the 1st quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock valued at $3,416,000 after acquiring an additional 60,102 shares during the period. 81.89% of the stock is owned by hedge funds and other institutional investors.

Westamerica Bancorporation Trading Up 3.9%

The stock has a market capitalization of $1.44 billion, a P/E ratio of 13.66 and a beta of 0.56. The company has a 50-day moving average price of $56.90 and a 200 day moving average price of $53.33.

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.