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

Westamerica Bancorporation (NASDAQ:WABC) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $58.04 and last traded at $57.5040, with a volume of 138855 shares. The stock had previously closed at $56.96.

Analyst Ratings Changes

Several analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a report on Friday, April 17th. Wall Street Zen lowered Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Finally, Weiss Ratings raised 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.00.

Westamerica Bancorporation Stock Performance

The stock has a fifty day moving average of $54.48 and a 200 day moving average of $51.60. The company has a market capitalization of $1.35 billion, a P/E ratio of 12.80 and a beta of 0.56.

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

Westamerica Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were issued a $0.48 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.92 annualized dividend and a yield of 3.3%. This is an increase from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s payout ratio is currently 42.76%.

Insiders Place Their Bets

In related news, SVP Robert James Baker, Jr. sold 759 shares of the company’s stock in a transaction on Monday, April 20th. The shares were 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 is available at this link. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WABC. Bessemer Group Inc. lifted its holdings in Westamerica Bancorporation by 42.6% in the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Westamerica Bancorporation by 354.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 666 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in Westamerica Bancorporation by 201.1% in the 3rd quarter. Hantz Financial Services Inc. now owns 840 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 561 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Westamerica Bancorporation by 49.9% in 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 last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Westamerica Bancorporation by 7,286.7% in 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 last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

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.