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

Westamerica Bancorporation (NASDAQ:WABC) released its quarterly earnings results on Thursday. The financial services provider reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.05, Zacks reports. Westamerica Bancorporation had a return on equity of 12.31% and a net margin of 41.71%. The business had revenue of $64.05 million during the quarter, compared to analyst estimates of $63.10 million. During the same period in the prior year, the firm posted $1.12 EPS.

Westamerica Bancorporation Stock Up 3.7%

Westamerica Bancorporation stock opened at $60.90 on Friday. The company has a market capitalization of $1.41 billion, a P/E ratio of 13.41 and a beta of 0.56. Westamerica Bancorporation has a twelve month low of $44.93 and a twelve month high of $63.61. The firm has a 50 day moving average price of $59.07 and a 200-day moving average price of $57.47.

Westamerica Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were given a $0.48 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.92 annualized dividend and a yield of 3.2%. Westamerica Bancorporation’s payout ratio is currently 42.29%.

Wall Street Analysts Forecast Growth

WABC has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Keefe, Bruyette & Woods lifted their price target on Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $64.00.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation is a bank holding company headquartered in San Rafael, California. Its principal subsidiary, Westamerica Bank, is a community bank serving individuals, businesses, nonprofit organizations and public entities in Northern and Central California.

Westamerica Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, commercial and consumer loans, residential and commercial real estate financing, and lines of credit.