Wall Street Zen upgraded shares of Westamerica Bancorporation (NASDAQ:WABC – Free Report) from a sell rating to a hold rating in a report published on Saturday.
A number of other analysts also recently issued reports on WABC. Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods boosted their price objective on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the company a “market perform” rating in a research report on Friday. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Westamerica Bancorporation presently has an average rating of “Moderate Buy” and a consensus target price of $64.00.
Read Our Latest Stock Report on Westamerica Bancorporation
Westamerica Bancorporation Price Performance
Westamerica Bancorporation (NASDAQ:WABC – Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. The business had revenue of $62.77 million during the quarter, compared to analyst estimates of $61.60 million. Westamerica Bancorporation had a return on equity of 12.10% and a net margin of 41.71%.During the same period last year, the company earned $1.12 EPS.
Westamerica Bancorporation Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a dividend of $0.48 per share. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, May 4th. Westamerica Bancorporation’s payout ratio is currently 42.29%.
Insider Buying and Selling at Westamerica Bancorporation
In related news, SVP Robert James Baker, Jr. sold 759 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.90% of the company’s stock.
Institutional Trading of Westamerica Bancorporation
Several institutional investors and hedge funds have recently made changes to their positions in WABC. Bessemer Group Inc. grew its holdings in shares of Westamerica Bancorporation by 42.6% in the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Westamerica Bancorporation by 354.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after buying an additional 666 shares in the last quarter. PNC Financial Services Group Inc. boosted its position 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 buying an additional 351 shares during the period. Quadrant Capital Group LLC grew its stake 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 worth $53,000 after acquiring an additional 1,093 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Westamerica Bancorporation by 10,335.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 1,447 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors.
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.
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