Westamerica Bancorporation (NASDAQ:WABC) Sets New 12-Month High – Should You Buy?

Westamerica Bancorporation (NASDAQ:WABC)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $57.00 and last traded at $56.52, with a volume of 44227 shares changing hands. The stock had previously closed at $56.32.

Analyst Upgrades and Downgrades

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

Westamerica Bancorporation Price Performance

The company’s 50-day simple moving average is $54.06 and its 200-day simple moving average is $51.32. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 12.62 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, April 16th. The financial services provider reported $1.13 EPS for the quarter, topping 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 company had revenue of $62.08 million for the quarter, compared to analysts’ expectations of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were issued a dividend of $0.48 per share. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, May 4th. Westamerica Bancorporation’s payout ratio is 42.76%.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the firm’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in Westamerica Bancorporation by 43.9% in the third quarter. JPMorgan Chase & Co. now owns 98,266 shares of the financial services provider’s stock valued at $4,912,000 after acquiring an additional 29,964 shares during the last quarter. SG Americas Securities LLC increased its stake in Westamerica Bancorporation by 87.4% in the fourth quarter. SG Americas Securities LLC now owns 32,499 shares of the financial services provider’s stock valued at $1,554,000 after acquiring an additional 15,157 shares during the last quarter. UBS Group AG increased its stake in Westamerica Bancorporation by 279.4% in the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after acquiring an additional 336,714 shares during the last quarter. Public Sector Pension Investment Board increased its stake in Westamerica Bancorporation by 11.3% in the third quarter. Public Sector Pension Investment Board now owns 99,309 shares of the financial services provider’s stock valued at $4,964,000 after acquiring an additional 10,060 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in Westamerica Bancorporation by 6,915.4% in the first quarter. Fifth Third Bancorp now owns 5,472 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 5,394 shares during the last quarter. 81.89% of the stock is 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.