Westamerica Bancorporation (NASDAQ:WABC) Releases Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) posted its quarterly earnings results on Thursday. The financial services provider reported $1.37 EPS for the quarter, missing the consensus estimate of $1.39 by ($0.02), Yahoo Finance reports. Westamerica Bancorporation had a net margin of 48.35% and a return on equity of 22.79%. The business had revenue of $78.84 million during the quarter, compared to analyst estimates of $77.34 million.

Westamerica Bancorporation Stock Performance

Shares of WABC stock opened at $46.78 on Friday. Westamerica Bancorporation has a 1 year low of $35.52 and a 1 year high of $57.96. The firm has a market capitalization of $1.25 billion, a PE ratio of 7.90 and a beta of 0.56. The stock has a fifty day moving average of $46.87 and a two-hundred day moving average of $48.98.

Westamerica Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Monday, February 5th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.76%. The ex-dividend date was Friday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is currently 29.73%.

Analysts Set New Price Targets

Several research firms have recently commented on WABC. StockNews.com lowered Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday. Piper Sandler dropped their target price on Westamerica Bancorporation from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Keefe, Bruyette & Woods cut their target price on Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, January 19th.

Insider Activity

In related news, CEO David L. Payne sold 8,728 shares of Westamerica Bancorporation stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total transaction of $444,691.60. Following the sale, the chief executive officer now directly owns 333,689 shares in the company, valued at $17,001,454.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $46.79, for a total transaction of $527,416.88. Following the completion of the transaction, the chief executive officer now directly owns 242,417 shares of the company’s stock, valued at approximately $11,342,691.43. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO David L. Payne sold 8,728 shares of Westamerica Bancorporation stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total value of $444,691.60. Following the transaction, the chief executive officer now owns 333,689 shares in the company, valued at $17,001,454.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,000 shares of company stock valued at $2,213,458. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in Westamerica Bancorporation by 4.7% in the 1st quarter. BlackRock Inc. now owns 3,982,861 shares of the financial services provider’s stock valued at $176,441,000 after acquiring an additional 179,782 shares during the last quarter. Vanguard Group Inc. lifted its stake in Westamerica Bancorporation by 1.4% during the third quarter. Vanguard Group Inc. now owns 3,218,835 shares of the financial services provider’s stock valued at $168,312,000 after purchasing an additional 43,011 shares during the last quarter. State Street Corp boosted its holdings in Westamerica Bancorporation by 7.6% during the second quarter. State Street Corp now owns 1,334,460 shares of the financial services provider’s stock worth $51,110,000 after buying an additional 93,807 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Westamerica Bancorporation by 5.9% in the first quarter. Dimensional Fund Advisors LP now owns 726,422 shares of the financial services provider’s stock worth $32,180,000 after buying an additional 40,598 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of Westamerica Bancorporation by 161.7% in the fourth quarter. Morgan Stanley now owns 695,619 shares of the financial services provider’s stock valued at $41,049,000 after buying an additional 429,802 shares in the last quarter. Institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.