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

Westamerica Bancorporation (NASDAQ:WABC) released its quarterly earnings data on Thursday. The financial services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.07 by $0.05, Zacks reports. Westamerica Bancorporation had a return on equity of 13.10% and a net margin of 43.19%.The firm had revenue of $63.55 million for the quarter, compared to the consensus estimate of $61.90 million.

Westamerica Bancorporation Stock Up 4.9%

WABC stock opened at $50.90 on Friday. Westamerica Bancorporation has a fifty-two week low of $42.00 and a fifty-two week high of $53.85. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 11.09 and a beta of 0.62. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.29 and a current ratio of 0.29. The business’s 50-day moving average is $48.46 and its two-hundred day moving average is $48.76.

Westamerica Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Monday, November 3rd were issued a $0.46 dividend. The ex-dividend date of this dividend was Monday, November 3rd. This represents a $1.84 annualized dividend and a dividend yield of 3.6%. Westamerica Bancorporation’s payout ratio is presently 40.09%.

Hedge Funds Weigh In On Westamerica Bancorporation

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, October 8th. Wall Street Zen cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, November 1st. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Westamerica Bancorporation currently has an average rating of “Hold” and an average price target of $52.00.

Westamerica Bancorporation announced that its board has approved a share repurchase plan on Thursday, December 18th that permits the company to buyback $2.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

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.