Westamerica Bancorporation’s (WABC) “Market Perform” Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their market perform rating on shares of Westamerica Bancorporation (NASDAQ:WABC) in a report published on Monday morning, Benzinga reports. They currently have a $57.00 target price on the financial services provider’s stock, down from their previous target price of $58.00.

A number of other research analysts also recently issued reports on the company. Piper Sandler dropped their price objective on Westamerica Bancorporation from $51.00 to $50.00 and set a neutral rating on the stock in a research note on Friday. StockNews.com downgraded Westamerica Bancorporation from a hold rating to a sell rating in a research note on Tuesday, April 16th.

Westamerica Bancorporation Trading Up 1.3 %

NASDAQ WABC opened at $47.37 on Monday. The business’s 50-day moving average price is $46.90 and its two-hundred day moving average price is $49.09. Westamerica Bancorporation has a 12 month low of $35.52 and a 12 month high of $57.96. The firm has a market capitalization of $1.26 billion, a PE ratio of 8.00 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02). The business had revenue of $78.84 million during the quarter, compared to analyst estimates of $77.34 million. Westamerica Bancorporation had a net margin of 48.35% and a return on equity of 21.99%. As a group, analysts forecast that Westamerica Bancorporation will post 5.3 earnings per share for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Monday, February 5th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend was Friday, February 2nd. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 29.73%.

Insider Buying and Selling

In related news, CEO David L. Payne sold 11,272 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 242,417 shares of the company’s stock, valued at approximately $11,342,691.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Westamerica Bancorporation news, CEO David L. Payne sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $49.51, for a total transaction of $495,100.00. Following the completion of the sale, the chief executive officer now directly owns 268,689 shares of the company’s stock, valued at approximately $13,302,792.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David L. Payne sold 11,272 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $46.79, for a total value of $527,416.88. Following the sale, the chief executive officer now directly owns 242,417 shares of the company’s stock, valued at $11,342,691.43. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,272 shares of company stock valued at $1,768,767. 4.40% of the stock is owned by company insiders.

Institutional Trading of Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC increased its holdings in Westamerica Bancorporation by 248.3% during the 1st quarter. CWM LLC now owns 3,135 shares of the financial services provider’s stock worth $153,000 after purchasing an additional 2,235 shares in the last quarter. Beacon Financial Group bought a new stake in Westamerica Bancorporation during the 4th quarter worth approximately $397,000. Rafferty Asset Management LLC grew its holdings in shares of Westamerica Bancorporation by 31.8% in the fourth quarter. Rafferty Asset Management LLC now owns 26,784 shares of the financial services provider’s stock valued at $1,511,000 after acquiring an additional 6,462 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Westamerica Bancorporation in the fourth quarter valued at approximately $1,874,000. Finally, Norges Bank bought a new position in shares of Westamerica Bancorporation in the fourth quarter valued at approximately $9,733,000. 81.89% of the stock is owned by institutional investors.

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.