Share Repurchase Plan Initiated by Westamerica Bancorporation (NASDAQ:WABC) Board

Westamerica Bancorporation (NASDAQ:WABC) announced that its board has authorized a stock repurchase program on Thursday, December 18th, RTT News reports. The company plans to buyback $2.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Westamerica Bancorporation Stock Down 1.8%

WABC stock opened at $49.98 on Friday. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 10.89 and a beta of 0.61. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.29 and a quick ratio of 0.29. Westamerica Bancorporation has a 12 month low of $42.00 and a 12 month high of $53.85. The company has a fifty day moving average price of $47.91 and a 200 day moving average price of $48.61.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $63.20 million during the quarter, compared to analysts’ expectations of $64.20 million. Westamerica Bancorporation had a net margin of 43.19% and a return on equity of 13.10%. Sell-side analysts expect that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on WABC shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, October 8th. Wall Street Zen lowered Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westamerica Bancorporation currently has an average rating of “Hold” and a consensus target price of $52.00.

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.