Westamerica Bancorporation (NASDAQ:WABC) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

Westamerica Bancorporation (NASDAQ:WABC) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $49.22 and traded as high as $51.79. Westamerica Bancorporation shares last traded at $51.27, with a volume of 202,790 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WABC. Wall Street Zen cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Weiss Ratings upgraded Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Westamerica Bancorporation presently has a consensus rating of “Hold” and an average price target of $52.50.

Westamerica Bancorporation Stock Performance

The business’s fifty day moving average is $51.07 and its 200 day moving average is $49.26. The company has a market cap of $1.25 billion, a P/E ratio of 11.39 and a beta of 0.61.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05. The business had revenue of $63.31 million during the quarter, compared to analyst estimates of $61.90 million. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%. As a group, research analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were issued a $0.46 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $1.84 annualized dividend and a yield of 3.6%. Westamerica Bancorporation’s dividend payout ratio (DPR) is 40.71%.

Westamerica Bancorporation declared that its board has authorized a stock repurchase program on Thursday, December 18th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada raised its holdings in Westamerica Bancorporation by 6.8% during the 1st quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock valued at $938,000 after acquiring an additional 1,183 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Westamerica Bancorporation by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock valued at $773,000 after purchasing an additional 642 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Westamerica Bancorporation in the first quarter valued at $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Westamerica Bancorporation by 9.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock valued at $3,243,000 after purchasing an additional 5,293 shares during the period. Finally, Jane Street Group LLC lifted its holdings in Westamerica Bancorporation by 815.8% during the 1st quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock worth $3,416,000 after purchasing an additional 60,102 shares in the last quarter. 81.89% of the stock is 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.