Westamerica Bancorporation (NASDAQ:WABC) Sets New 12-Month High – Here’s Why

Shares of Westamerica Bancorporation (NASDAQ:WABC) hit a new 52-week high during trading on Thursday . The company traded as high as $53.48 and last traded at $52.9250, with a volume of 2759 shares traded. The stock had previously closed at $52.54.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WABC. Keefe, Bruyette & Woods raised their price target on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Finally, Wall Street Zen cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.50.

Westamerica Bancorporation Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.26 and a quick ratio of 0.29. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 11.21 and a beta of 0.62. The stock has a 50 day moving average price of $50.38 and a two-hundred day moving average price of $49.14.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. The company had revenue of $63.31 million for the quarter, compared to analyst estimates of $61.90 million. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. As a group, analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 2nd were issued a dividend of $0.46 per share. The ex-dividend date was Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 3.6%. Westamerica Bancorporation’s dividend payout ratio is 40.71%.

Westamerica Bancorporation announced that its board has authorized a share repurchase program on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 0.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Westamerica Bancorporation

Large investors have recently bought and sold shares of the stock. UBS Group AG boosted 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 increased its stake 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 buying an additional 200,884 shares during the period. American Century Companies Inc. raised its holdings in Westamerica Bancorporation by 9.3% in the second quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock valued at $97,816,000 after acquiring an additional 171,991 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Westamerica Bancorporation by 87.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after acquiring an additional 144,405 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Westamerica Bancorporation in the third quarter worth approximately $5,831,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

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.