Westamerica Bancorporation (NASDAQ:WABC) Reaches New 52-Week High – Should You Buy?

Westamerica Bancorporation (NASDAQ:WABC) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $59.37 and last traded at $59.1930, with a volume of 69239 shares changing hands. The stock had previously closed at $58.78.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a report on Friday, April 17th. Weiss Ratings raised shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One investment 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Westamerica Bancorporation Stock Performance

The company has a 50-day simple moving average of $55.42 and a 200-day simple moving average of $52.22. The stock has a market cap of $1.39 billion, a P/E ratio of 13.19 and a beta of 0.56.

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

Westamerica Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were issued a dividend of $0.48 per share. 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 3.2%. This is an increase from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s payout ratio is currently 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 dated Monday, April 20th. The shares were sold at an average price of $53.83, for a total value of $40,856.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.90% of the company’s stock.

Institutional Trading of Westamerica Bancorporation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in 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 buying an additional 47,127 shares in the last quarter. UBS Group AG increased its stake in shares of Westamerica Bancorporation by 279.4% in the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after buying an additional 336,714 shares during the period. Millennium Management LLC raised its position in shares of Westamerica Bancorporation by 101.3% during the third 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 during the last quarter. AQR Capital Management LLC raised its position in shares of Westamerica Bancorporation by 35.9% during the fourth 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Westamerica Bancorporation by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 298,471 shares of the financial services provider’s stock valued at $14,276,000 after acquiring an additional 14,121 shares during the period. Institutional investors and hedge funds 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.