Westamerica Bancorporation (NASDAQ:WABC) Sets New 52-Week High – Here’s What Happened

Westamerica Bancorporation (NASDAQ:WABC) reached a new 52-week high during trading on Tuesday . The stock traded as high as $56.24 and last traded at $56.18, with a volume of 23406 shares. The stock had previously closed at $55.36.

Analysts Set New Price Targets

Several brokerages have recently commented on WABC. Wall Street Zen downgraded shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Keefe, Bruyette & Woods increased their target price on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a research note on Friday, April 17th. 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 research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.00.

Westamerica Bancorporation Price Performance

The company has a fifty day moving average price of $53.23 and a 200 day moving average price of $50.89. The stock has a market cap of $1.31 billion, a P/E ratio of 12.43 and a beta of 0.57.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%. The business had revenue of $62.08 million during the quarter, compared to analyst estimates of $60.70 million.

Westamerica Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were paid a dividend of $0.48 per share. This is an increase from Westamerica Bancorporation’s previous quarterly dividend of $0.46. The ex-dividend date was Monday, May 4th. This represents a $1.92 dividend on an annualized basis and a yield of 3.4%. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 42.76%.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Westamerica Bancorporation

Institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in shares of Westamerica Bancorporation by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock valued at $49,265,000 after purchasing an additional 47,127 shares in the last quarter. UBS Group AG lifted its position in shares of Westamerica Bancorporation by 279.4% during the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock worth $21,868,000 after buying an additional 336,714 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Westamerica Bancorporation by 101.3% in the 3rd quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock worth $19,956,000 after buying an additional 200,884 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Westamerica Bancorporation by 35.9% in the fourth quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock valued at $18,263,000 after acquiring an additional 100,867 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Westamerica Bancorporation by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 298,471 shares of the financial services provider’s stock valued at $14,276,000 after acquiring an additional 14,121 shares in the last quarter. 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.