Westamerica Bancorporation (NASDAQ:WABC) Issues Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) issued its earnings results on Thursday. The financial services provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05, Zacks reports. Westamerica Bancorporation had a net margin of 43.19% and a return on equity of 13.10%.

Westamerica Bancorporation Stock Performance

WABC stock traded up $1.91 on Thursday, hitting $50.43. The company’s stock had a trading volume of 68,836 shares, compared to its average volume of 123,838. The firm has a 50 day moving average of $48.38 and a two-hundred day moving average of $48.74. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 10.89 and a beta of 0.62. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year high of $53.85.

Westamerica Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Monday, November 3rd were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, November 3rd. This represents a $1.84 annualized dividend and a yield of 3.6%. Westamerica Bancorporation’s dividend payout ratio (DPR) is 40.09%.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of hedge funds have recently bought and sold shares of WABC. Brevan Howard Capital Management LP bought a new stake in shares of Westamerica Bancorporation during the 3rd quarter worth $333,000. Horizon Investments LLC boosted its position in shares of Westamerica Bancorporation by 21.9% during the 3rd quarter. Horizon Investments LLC now owns 11,460 shares of the financial services provider’s stock valued at $567,000 after acquiring an additional 2,055 shares during the last quarter. Entropy Technologies LP purchased a new position in Westamerica Bancorporation in the 3rd quarter worth $344,000. Franklin Resources Inc. boosted its holdings in Westamerica Bancorporation by 20.8% in the third quarter. Franklin Resources Inc. now owns 9,034 shares of the financial services provider’s stock valued at $452,000 after acquiring an additional 1,555 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Westamerica Bancorporation during the second quarter valued at $942,000. Institutional investors and hedge funds own 81.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Westamerica Bancorporation in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $52.00.

Westamerica Bancorporation declared that its Board of Directors has initiated a stock repurchase plan on Thursday, December 18th that authorizes the company to repurchase $2.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is 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.