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

Westamerica Bancorporation (NASDAQ:WABC) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $49.20 and traded as high as $50.13. Westamerica Bancorporation shares last traded at $49.94, with a volume of 163,181 shares changing hands.

Analyst Ratings Changes

A number of research firms have issued reports on WABC. Wall Street Zen lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods raised their target price 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. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $52.50.

Westamerica Bancorporation Price Performance

The firm has a fifty day moving average of $50.75 and a 200 day moving average of $49.21. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 11.13 and a beta of 0.61.

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

Westamerica Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 3.7%. Westamerica Bancorporation’s dividend payout ratio is 40.71%.

Westamerica Bancorporation announced that its board has initiated a stock repurchase program on Thursday, December 18th that permits the company to buyback $2.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 0.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of large investors have recently bought and sold shares of WABC. UBS Group AG boosted 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 worth $21,868,000 after purchasing an additional 336,714 shares in the last quarter. Millennium Management LLC raised its stake in shares of Westamerica Bancorporation by 101.3% during the 3rd quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock worth $19,956,000 after buying an additional 200,884 shares during the period. American Century Companies Inc. raised its stake in shares of Westamerica Bancorporation by 9.3% during the 2nd quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock worth $97,816,000 after buying an additional 171,991 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Westamerica Bancorporation by 87.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after buying an additional 144,405 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Westamerica Bancorporation during the 3rd quarter valued at approximately $5,831,000. Institutional investors and hedge funds 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.