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

Westamerica Bancorporation (NASDAQ:WABC) posted its earnings results on Thursday. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate 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%.

Westamerica Bancorporation Stock Up 3.5%

Shares of WABC traded up $2.08 during mid-day trading on Thursday, hitting $60.77. 126,733 shares of the company’s stock were exchanged, compared to its average volume of 189,941. Westamerica Bancorporation has a 52 week low of $44.93 and a 52 week high of $63.61. The stock’s 50-day simple moving average is $59.05 and its 200-day simple moving average is $57.40. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 13.39 and a beta of 0.56.

Westamerica Bancorporation Dividend Announcement

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Weiss Ratings upgraded 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 report on Saturday, July 18th. Finally, Keefe, Bruyette & Woods increased their price objective on Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.00.

About Westamerica Bancorporation

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.