Westamerica Bancorporation (NASDAQ:WABC) Share Price Passes Above 200-Day Moving Average – Here’s Why

Westamerica Bancorporation (NASDAQ:WABC)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $56.28 and traded as high as $60.78. Westamerica Bancorporation shares last traded at $60.70, with a volume of 1,075,084 shares.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Weiss Ratings cut Westamerica Bancorporation from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Westamerica Bancorporation presently has a consensus rating of “Hold” and a consensus target price of $64.00.

Westamerica Bancorporation Stock Up 0.6%

The business’s 50-day simple moving average is $59.47 and its two-hundred day simple moving average is $56.28. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 13.37 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.31%. The business had revenue of $62.77 million for the quarter, compared to analyst estimates of $61.60 million. During the same period in the prior year, the company posted $1.12 EPS.

Westamerica Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were given a dividend of $0.48 per share. The ex-dividend date was Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.2%. Westamerica Bancorporation’s dividend payout ratio is currently 42.29%.

Institutional Trading of Westamerica Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the business. WINTON GROUP Ltd raised its stake in shares of Westamerica Bancorporation by 48.2% during the 2nd quarter. WINTON GROUP Ltd now owns 69,033 shares of the financial services provider’s stock worth $4,050,000 after buying an additional 22,456 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Westamerica Bancorporation in the 2nd quarter valued at $101,000. Allworth Financial LP increased its holdings in Westamerica Bancorporation by 12.4% in the 2nd quarter. Allworth Financial LP now owns 4,923 shares of the financial services provider’s stock worth $289,000 after acquiring an additional 545 shares in the last quarter. Corient Private Wealth LP purchased a new stake in Westamerica Bancorporation in the 2nd quarter worth $350,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Westamerica Bancorporation during the second quarter worth $246,000. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a bank holding company headquartered in San Rafael, California. Through its principal subsidiary, Westamerica Bank, the company provides community banking services to individuals, businesses and organizations.

Westamerica Bank offers deposit accounts, commercial and consumer lending, real estate loans, cash-management and treasury services, online and mobile banking, and other financial services. Its lending activities include loans for business operations, commercial real estate, residential real estate and personal needs.

The company serves customers primarily in Northern and Central California through a network of banking offices and digital channels.