Westamerica Bancorporation (NASDAQ:WABC) Announces Quarterly Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) issued its quarterly earnings results on Thursday. The financial services provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05, Zacks reports. Westamerica Bancorporation had a return on equity of 12.55% and a net margin of 42.75%.The business had revenue of $63.55 million during the quarter, compared to analysts’ expectations of $61.90 million.

Westamerica Bancorporation Trading Down 2.0%

Shares of NASDAQ:WABC opened at $49.86 on Friday. The company has a market capitalization of $1.24 billion, a PE ratio of 11.03 and a beta of 0.62. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $53.85. The business’s fifty day simple moving average is $48.50 and its 200-day simple moving average is $48.77.

Westamerica Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Monday, November 3rd were paid a $0.46 dividend. The ex-dividend date of this dividend was Monday, November 3rd. This represents a $1.84 dividend on an annualized basis and a yield of 3.7%. Westamerica Bancorporation’s dividend payout ratio is 40.09%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $52.00.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in shares of Westamerica Bancorporation by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 894,194 shares of the financial services provider’s stock valued at $44,700,000 after buying an additional 6,473 shares during the last quarter. Millennium Management LLC grew its stake in Westamerica Bancorporation by 101.3% during the 3rd 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 during the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of Westamerica Bancorporation by 23.0% in the third quarter. Qube Research & Technologies Ltd now owns 217,648 shares of the financial services provider’s stock valued at $10,880,000 after purchasing an additional 40,740 shares during the period. Two Sigma Investments LP raised its stake in shares of Westamerica Bancorporation by 9.3% in the third quarter. Two Sigma Investments LP now owns 179,467 shares of the financial services provider’s stock worth $8,972,000 after purchasing an additional 15,322 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Westamerica Bancorporation by 39.4% during the second quarter. AQR Capital Management LLC now owns 108,415 shares of the financial services provider’s stock worth $5,252,000 after purchasing an additional 30,619 shares during the period. 81.89% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation declared that its board has initiated a share buyback plan on Thursday, December 18th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 0.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are 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.