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

Shares of Westamerica Bancorporation (NASDAQ:WABC) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $57.06 and traded as high as $59.70. Westamerica Bancorporation shares last traded at $58.73, with a volume of 148,459 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings downgraded Westamerica Bancorporation from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the company a “market perform” rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Westamerica Bancorporation currently has an average rating of “Hold” and a consensus target price of $64.00.

Westamerica Bancorporation Trading Up 2.2%

The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 13.13 and a beta of 0.56. The firm’s fifty day moving average price is $59.17 and its 200 day moving average price is $57.12.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, beating 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 firm had revenue of $62.77 million during the quarter, compared to the consensus estimate of $61.60 million. During the same quarter last year, the firm earned $1.12 EPS.

Westamerica Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, August 3rd. Westamerica Bancorporation’s payout ratio is currently 42.29%.

Hedge Funds Weigh In On Westamerica Bancorporation

Hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in Westamerica Bancorporation by 42.6% during the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 190 shares during the period. Global Retirement Partners LLC purchased a new position in shares of Westamerica Bancorporation in the second quarter valued at approximately $44,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Westamerica Bancorporation in the second quarter valued at approximately $59,000. PNC Financial Services Group Inc. grew its holdings in shares of Westamerica Bancorporation by 57.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,660 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 605 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Westamerica Bancorporation in the second quarter valued at approximately $101,000. Institutional investors and hedge funds own 81.89% of the company’s stock.

About Westamerica Bancorporation

Westamerica Bancorporation is a bank holding company headquartered in San Rafael, California. Its principal subsidiary, Westamerica Bank, is a community bank serving individuals, businesses, nonprofit organizations and public entities in Northern and Central California.

Westamerica Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, commercial and consumer loans, residential and commercial real estate financing, and lines of credit.