Westamerica Bancorporation (NASDAQ:WABC) Hits New 52-Week High – Here’s Why

Westamerica Bancorporation (NASDAQ:WABC) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $59.33 and last traded at $58.83, with a volume of 20211 shares changing hands. The stock had previously closed at $57.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on WABC shares. Piper Sandler increased their price objective on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Friday, July 19th. StockNews.com raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Maxim Group lowered shares of Westamerica Bancorporation from a “buy” rating to a “hold” rating in a report on Monday, July 22nd. Four research analysts have rated the stock with a hold rating, According to MarketBeat, Westamerica Bancorporation presently has a consensus rating of “Hold” and an average target price of $57.00.

Westamerica Bancorporation Stock Performance

The stock has a market capitalization of $1.52 billion, a PE ratio of 10.36 and a beta of 0.54. The business’s fifty day moving average is $51.05 and its two-hundred day moving average is $50.18. The company has a quick ratio of 0.25, a current ratio of 0.26 and a debt-to-equity ratio of 0.15.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.27. Westamerica Bancorporation had a return on equity of 17.67% and a net margin of 45.73%. The company had revenue of $74.07 million during the quarter, compared to the consensus estimate of $72.74 million. As a group, research analysts anticipate that Westamerica Bancorporation will post 5.17 EPS for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, November 4th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.76 annualized dividend and a dividend yield of 3.10%. Westamerica Bancorporation’s payout ratio is currently 32.06%.

Hedge Funds Weigh In On Westamerica Bancorporation

Several institutional investors and hedge funds have recently added to or reduced their stakes in WABC. BNP Paribas Financial Markets grew its stake in shares of Westamerica Bancorporation by 25.6% during the first quarter. BNP Paribas Financial Markets now owns 20,244 shares of the financial services provider’s stock worth $990,000 after acquiring an additional 4,122 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Westamerica Bancorporation by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 23,342 shares of the financial services provider’s stock worth $1,141,000 after buying an additional 321 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Westamerica Bancorporation during the first quarter worth approximately $113,000. Sei Investments Co. increased its position in shares of Westamerica Bancorporation by 21.7% during the first quarter. Sei Investments Co. now owns 121,436 shares of the financial services provider’s stock worth $5,936,000 after purchasing an additional 21,624 shares in the last quarter. Finally, Inspire Investing LLC increased its position in shares of Westamerica Bancorporation by 8.0% during the first quarter. Inspire Investing LLC now owns 7,329 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 544 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

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.