Westamerica Bancorporation (NASDAQ:WABC) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

Westamerica Bancorporation (NASDAQ:WABC) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $51.16 and traded as high as $55.97. Westamerica Bancorporation shares last traded at $55.81, with a volume of 127,089 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a report on Friday, April 17th. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Westamerica Bancorporation presently has an average rating of “Moderate Buy” and an average price target of $58.00.

Westamerica Bancorporation Trading Down 1.5%

The firm has a market cap of $1.29 billion, a PE ratio of 12.25 and a beta of 0.56. The business’s 50-day simple moving average is $53.96 and its 200 day simple moving average is $51.26.

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

Westamerica Bancorporation Increases Dividend

The firm also recently announced 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 is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.92 dividend on an annualized basis and a yield of 3.5%. Westamerica Bancorporation’s payout ratio is 42.76%.

Insider Activity

In related news, SVP Robert James Baker, Jr. sold 759 shares of the business’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of Westamerica Bancorporation by 5.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock worth $49,265,000 after acquiring an additional 47,127 shares in the last quarter. UBS Group AG raised its stake in shares of Westamerica Bancorporation by 279.4% during the 4th 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 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 acquiring an additional 200,884 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Westamerica Bancorporation by 35.9% during the 4th quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock worth $18,263,000 after acquiring an additional 100,867 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Westamerica Bancorporation by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 298,471 shares of the financial services provider’s stock worth $14,276,000 after acquiring an additional 14,121 shares in the last quarter. Institutional investors 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.