Westamerica Bancorporation (NASDAQ:WABC – Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $50.67 and traded as high as $55.23. Westamerica Bancorporation shares last traded at $54.66, with a volume of 216,032 shares changing hands.
Wall Street Analysts Forecast Growth
WABC has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a report on Friday, April 17th. Weiss Ratings raised Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Wall Street Zen downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.
View Our Latest Report on WABC
Westamerica Bancorporation Stock Up 0.0%
Westamerica Bancorporation (NASDAQ:WABC – Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.The company had revenue of $62.08 million for the quarter, compared to the consensus estimate of $60.70 million.
Westamerica Bancorporation Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. The ex-dividend date was Monday, May 4th. Westamerica Bancorporation’s dividend payout ratio (DPR) is 42.76%.
Insider Activity
In related news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction on Monday, April 20th. The stock was 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 SEC, which is available at the SEC website. Company insiders own 5.90% of the company’s stock.
Institutional Investors Weigh In On Westamerica Bancorporation
A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in Westamerica Bancorporation by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock valued at $49,265,000 after purchasing an additional 47,127 shares in the last quarter. UBS Group AG raised its position in Westamerica Bancorporation by 279.4% during the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after purchasing an additional 336,714 shares in the last quarter. Millennium Management LLC raised its position in Westamerica Bancorporation by 101.3% during the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after purchasing an additional 200,884 shares in the last quarter. AQR Capital Management LLC raised its position in Westamerica Bancorporation by 35.9% during the fourth quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock valued at $18,263,000 after purchasing an additional 100,867 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Westamerica Bancorporation by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 298,471 shares of the financial services provider’s stock valued at $14,276,000 after purchasing an additional 14,121 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.
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.
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