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

Westamerica Bancorporation (NASDAQ:WABC) posted its quarterly earnings results on Thursday. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05, Zacks reports. The business had revenue of $62.30 million for the quarter, compared to analysts’ expectations of $60.70 million. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%.

Westamerica Bancorporation Trading Up 0.8%

Shares of Westamerica Bancorporation stock opened at $53.71 on Friday. The company’s 50-day moving average price is $51.72 and its two-hundred day moving average price is $49.64. Westamerica Bancorporation has a 52 week low of $44.93 and a 52 week high of $54.71. The stock has a market cap of $1.30 billion, a PE ratio of 11.88 and a beta of 0.57.

Westamerica Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is currently 40.71%.

Institutional Investors Weigh In On Westamerica Bancorporation

Hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its position in Westamerica Bancorporation by 354.3% in the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 666 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Westamerica Bancorporation by 49.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 351 shares in the last quarter. Quadrant Capital Group LLC raised its position in Westamerica Bancorporation by 7,286.7% in the fourth quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 1,093 shares in the last quarter. Strs Ohio bought a new stake in Westamerica Bancorporation in the first quarter worth about $96,000. Finally, Jones Financial Companies Lllp bought a new stake in Westamerica Bancorporation in the first quarter worth about $99,000. 81.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on WABC shares. Wall Street Zen cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Keefe, Bruyette & Woods lifted their price target on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Finally, Weiss Ratings raised shares of Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $52.50.

Westamerica Bancorporation declared that its Board of Directors has initiated a share buyback plan on Thursday, December 18th that authorizes the company to repurchase $2.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Westamerica Bancorporation Company Profile

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.