Westamerica Bancorporation (NASDAQ:WABC) Issues Quarterly Earnings Results

Westamerica Bancorporation (NASDAQ:WABC) released its quarterly earnings data on Thursday. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02), Yahoo Finance reports. Westamerica Bancorporation had a return on equity of 23.61% and a net margin of 49.39%.

Westamerica Bancorporation Stock Down 0.9 %

WABC opened at $45.12 on Friday. The stock’s fifty day moving average is $46.84 and its two-hundred day moving average is $48.95. The company has a market capitalization of $1.20 billion, a P/E ratio of 7.52 and a beta of 0.56. Westamerica Bancorporation has a 52 week low of $35.52 and a 52 week high of $57.96.

Westamerica Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Monday, February 5th were paid a $0.44 dividend. The ex-dividend date was Friday, February 2nd. This represents a $1.76 annualized dividend and a yield of 3.90%. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 29.04%.

Analysts Set New Price Targets

A number of brokerages have commented on WABC. Piper Sandler dropped their price objective on shares of Westamerica Bancorporation from $56.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, January 19th. Keefe, Bruyette & Woods decreased their price objective on Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, January 19th. Finally, StockNews.com cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday.

Insider Activity

In related news, CEO David L. Payne sold 8,728 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total value of $444,691.60. Following the completion of the sale, the chief executive officer now directly owns 333,689 shares of the company’s stock, valued at $17,001,454.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO David L. Payne sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $49.75, for a total transaction of $746,250.00. Following the completion of the transaction, the chief executive officer now owns 288,689 shares in the company, valued at approximately $14,362,277.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David L. Payne sold 8,728 shares of Westamerica Bancorporation stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $50.95, for a total transaction of $444,691.60. Following the completion of the transaction, the chief executive officer now directly 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 90 days, insiders have sold 45,000 shares of company stock worth $2,213,458. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WABC. The Manufacturers Life Insurance Company raised its position in shares of Westamerica Bancorporation by 2.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 9,294 shares of the financial services provider’s stock valued at $548,000 after purchasing an additional 214 shares during the last quarter. MetLife Investment Management LLC raised its stake in Westamerica Bancorporation by 2.4% in the 2nd quarter. MetLife Investment Management LLC now owns 13,832 shares of the financial services provider’s stock worth $530,000 after acquiring an additional 320 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in shares of Westamerica Bancorporation by 5.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 9,083 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 472 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Westamerica Bancorporation by 5.0% during the third quarter. LPL Financial LLC now owns 9,997 shares of the financial services provider’s stock worth $432,000 after purchasing an additional 479 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Westamerica Bancorporation by 0.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 53,765 shares of the financial services provider’s stock valued at $3,033,000 after buying an additional 480 shares during the last quarter. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

About Westamerica Bancorporation

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.