Westamerica Bancorporation (NASDAQ:WABC) Sets New 1-Year High – Here’s What Happened

Westamerica Bancorporation (NASDAQ:WABC) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $58.04 and last traded at $57.5040, with a volume of 138855 shares trading hands. The stock had previously closed at $56.96.

Analysts Set New Price Targets

WABC has been the topic of a number of research reports. Wall Street Zen downgraded shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Keefe, Bruyette & Woods raised their price target on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a report on Friday, April 17th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.00.

Westamerica Bancorporation Price Performance

The company’s 50-day simple moving average is $54.48 and its 200 day simple moving average is $51.60. The firm has a market cap of $1.35 billion, a P/E ratio of 12.80 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%. The business had revenue of $62.08 million during the quarter, compared to analyst estimates of $60.70 million.

Westamerica Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 3.3%. This is a positive change 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 presently 42.76%.

Insiders Place Their Bets

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.90% of the stock is owned by company insiders.

Institutional Trading of Westamerica Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in shares of Westamerica Bancorporation by 43.9% during the third quarter. JPMorgan Chase & Co. now owns 98,266 shares of the financial services provider’s stock worth $4,912,000 after purchasing an additional 29,964 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Westamerica Bancorporation by 87.4% during the fourth quarter. SG Americas Securities LLC now owns 32,499 shares of the financial services provider’s stock worth $1,554,000 after purchasing an additional 15,157 shares during the last quarter. UBS Group AG increased its position in shares of 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 acquiring an additional 336,714 shares during the period. WINTON GROUP Ltd increased its position in shares of Westamerica Bancorporation by 92.1% during the fourth quarter. WINTON GROUP Ltd now owns 46,347 shares of the financial services provider’s stock worth $2,217,000 after acquiring an additional 22,224 shares during the period. Finally, Public Sector Pension Investment Board increased its position in shares of Westamerica Bancorporation by 11.3% during the third quarter. Public Sector Pension Investment Board now owns 99,309 shares of the financial services provider’s stock worth $4,964,000 after acquiring an additional 10,060 shares during the period. 81.89% of the stock is currently owned by institutional investors.

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.