Westamerica Bancorporation (NASDAQ:WABC) Announces Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Westamerica Bancorporation (NASDAQ:WABC) issued its quarterly earnings data on Thursday. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.02), Yahoo Finance reports. The business had revenue of $78.84 million for the quarter, compared to analysts’ expectations of $77.34 million. Westamerica Bancorporation had a net margin of 48.35% and a return on equity of 22.79%.

Westamerica Bancorporation Stock Performance

NASDAQ WABC traded up $1.23 on Friday, reaching $46.78. 169,117 shares of the company’s stock traded hands, compared to its average volume of 113,589. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 7.90 and a beta of 0.56. The stock has a 50 day moving average price of $46.87 and a 200-day moving average price of $48.98. Westamerica Bancorporation has a fifty-two week low of $35.52 and a fifty-two week high of $57.96.

Westamerica Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Monday, February 5th were paid a dividend of $0.44 per share. The ex-dividend date was Friday, February 2nd. This represents a $1.76 annualized dividend and a dividend yield of 3.76%. Westamerica Bancorporation’s payout ratio is currently 29.73%.

Analyst Ratings Changes

Several equities research analysts have weighed in on WABC shares. Keefe, Bruyette & Woods lowered their target price on shares of Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating for the company in a research note on Friday, January 19th. Piper Sandler lowered their target price on shares of Westamerica Bancorporation from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday. Finally, StockNews.com downgraded shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday.

Insider Activity at Westamerica Bancorporation

In related news, CEO David L. Payne sold 8,728 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total transaction of $444,691.60. Following the completion of the transaction, the chief executive officer now directly owns 333,689 shares in the company, valued at $17,001,454.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of Westamerica Bancorporation stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $46.79, for a total value of $527,416.88. Following the completion of the transaction, the chief executive officer now owns 242,417 shares of the company’s stock, valued at $11,342,691.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David L. Payne sold 8,728 shares of Westamerica Bancorporation stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total transaction of $444,691.60. Following the completion of the transaction, the chief executive officer now directly owns 333,689 shares of the company’s stock, valued at approximately $17,001,454.55. The disclosure for this sale can be found here. Insiders sold 45,000 shares of company stock worth $2,213,458 over the last three months. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in Westamerica Bancorporation by 0.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 53,765 shares of the financial services provider’s stock valued at $3,033,000 after buying an additional 480 shares in the last quarter. Virtus Investment Advisers Inc. purchased a new position in Westamerica Bancorporation in the 4th quarter valued at about $654,000. Barclays PLC lifted its stake in Westamerica Bancorporation by 39.6% in the 4th quarter. Barclays PLC now owns 55,863 shares of the financial services provider’s stock valued at $3,151,000 after buying an additional 15,858 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in Westamerica Bancorporation by 67.9% in the 4th quarter. Public Sector Pension Investment Board now owns 55,302 shares of the financial services provider’s stock valued at $3,120,000 after buying an additional 22,364 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Westamerica Bancorporation by 27.7% in the fourth quarter. Royal Bank of Canada now owns 20,888 shares of the financial services provider’s stock valued at $1,178,000 after acquiring an additional 4,533 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

About Westamerica Bancorporation

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.