Westamerica Bancorporation (NASDAQ:WABC) Posts Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) announced its quarterly earnings data on Thursday. The financial services provider reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02), Yahoo Finance reports. Westamerica Bancorporation had a net margin of 49.39% and a return on equity of 23.61%.

Westamerica Bancorporation Stock Down 0.9 %

WABC stock opened at $45.12 on Friday. The company has a market capitalization of $1.20 billion, a PE ratio of 7.52 and a beta of 0.56. The stock’s 50 day moving average is $46.84 and its two-hundred day moving average is $48.95. Westamerica Bancorporation has a 52-week low of $35.52 and a 52-week high of $57.96.

Westamerica Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Monday, February 5th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend was Friday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is currently 29.04%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on WABC shares. Piper Sandler reduced their target price on Westamerica Bancorporation from $56.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, January 19th. StockNews.com cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods lowered their price target on Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, January 19th.

Insider Activity at Westamerica Bancorporation

In other news, CEO David L. Payne sold 15,000 shares of the business’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $49.75, for a total value of $746,250.00. Following the completion of the sale, the chief executive officer now owns 288,689 shares of the company’s stock, valued at approximately $14,362,277.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO David L. Payne sold 8,728 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $50.95, for a total transaction of $444,691.60. Following the sale, the chief executive officer now directly owns 333,689 shares in the company, valued at approximately $17,001,454.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David L. Payne sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $49.75, for a total value of $746,250.00. Following the completion of the sale, the chief executive officer now directly owns 288,689 shares in the company, valued at approximately $14,362,277.75. The disclosure for this sale can be found here. Insiders have sold 45,000 shares of company stock valued at $2,213,458 over the last ninety days. Corporate insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

Several large investors have recently added to or reduced their stakes in WABC. BlackRock Inc. raised its stake in Westamerica Bancorporation by 4.7% during the 1st quarter. BlackRock Inc. now owns 3,982,861 shares of the financial services provider’s stock valued at $176,441,000 after acquiring an additional 179,782 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Westamerica Bancorporation by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 3,218,835 shares of the financial services provider’s stock worth $168,312,000 after acquiring an additional 43,011 shares during the period. State Street Corp boosted its holdings in shares of Westamerica Bancorporation by 7.6% in the second quarter. State Street Corp now owns 1,334,460 shares of the financial services provider’s stock valued at $51,110,000 after acquiring an additional 93,807 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Westamerica Bancorporation by 5.9% during the first quarter. Dimensional Fund Advisors LP now owns 726,422 shares of the financial services provider’s stock valued at $32,180,000 after acquiring an additional 40,598 shares during the period. Finally, Morgan Stanley lifted its position in Westamerica Bancorporation by 161.7% in the fourth quarter. Morgan Stanley now owns 695,619 shares of the financial services provider’s stock worth $41,049,000 after purchasing an additional 429,802 shares during the period. 81.89% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

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.