Westamerica Bancorporation (NASDAQ:WABC) Hits New 12-Month High – What’s Next?

Westamerica Bancorporation (NASDAQ:WABC) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $53.36 and last traded at $52.4860, with a volume of 4786 shares trading hands. The stock had previously closed at $51.51.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WABC. Keefe, Bruyette & Woods upped their target price on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Weiss Ratings restated a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, January 21st. Finally, Wall Street Zen raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $52.50.

Westamerica Bancorporation Price Performance

The company has a 50-day moving average of $49.31 and a 200-day moving average of $48.73. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 11.68 and a beta of 0.62. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.29 and a current ratio of 0.26.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. The company had revenue of $66.05 million during the quarter, compared to analysts’ expectations of $61.90 million. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%. As a group, equities research analysts expect that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Monday, February 2nd will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is 40.71%.

Westamerica Bancorporation declared that its Board of Directors has initiated a stock repurchase plan on Thursday, December 18th that permits the company to buyback $2.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 0.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake in Westamerica Bancorporation by 354.3% in the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 666 shares during the last quarter. MAI Capital Management grew its holdings in Westamerica Bancorporation by 126.1% in the 2nd quarter. MAI Capital Management now owns 866 shares of the financial services provider’s stock valued at $42,000 after buying an additional 483 shares during the period. Hantz Financial Services Inc. increased its stake in shares of Westamerica Bancorporation by 201.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 840 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 561 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Westamerica Bancorporation by 49.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 351 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Westamerica Bancorporation by 10,335.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,461 shares of the financial services provider’s stock valued at $70,000 after purchasing an additional 1,447 shares during the last quarter. 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.