Westamerica Bancorporation (NASDAQ:WABC) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of Westamerica Bancorporation (NASDAQ:WABC) from a sell rating to a hold rating in a research note issued to investors on Friday.

A number of other equities research analysts have also recently weighed in on WABC. Piper Sandler dropped their price objective on Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. Keefe, Bruyette & Woods decreased their price target on Westamerica Bancorporation from $58.00 to $55.00 and set a “market perform” rating for the company in a report on Monday, April 21st.

Westamerica Bancorporation Trading Down 0.0%

Shares of WABC stock opened at $48.57 on Friday. The company has a market capitalization of $1.27 billion, a P/E ratio of 9.73 and a beta of 0.65. The business’s 50 day moving average is $48.38 and its two-hundred day moving average is $49.78. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC) last released its earnings results on Thursday, April 17th. The financial services provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.07. The business had revenue of $66.71 million for the quarter, compared to the consensus estimate of $66.47 million. Westamerica Bancorporation had a return on equity of 14.95% and a net margin of 44.10%. On average, research analysts predict that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were paid a $0.46 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.84 dividend on an annualized basis and a yield of 3.79%. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.44. Westamerica Bancorporation’s dividend payout ratio is presently 36.87%.

Insider Buying and Selling at Westamerica Bancorporation

In other news, SVP John A. Thorson sold 2,243 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $48.57, for a total transaction of $108,942.51. Following the transaction, the senior vice president now owns 11,591 shares of the company’s stock, valued at approximately $562,974.87. This trade represents a 16.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Robert James Baker, Jr. sold 710 shares of the firm’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $48.16, for a total transaction of $34,193.60. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Westamerica Bancorporation

Several large investors have recently made changes to their positions in WABC. WINTON GROUP Ltd boosted its holdings in Westamerica Bancorporation by 1.1% during the fourth quarter. WINTON GROUP Ltd now owns 21,619 shares of the financial services provider’s stock worth $1,134,000 after buying an additional 227 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Westamerica Bancorporation by 4.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,325 shares of the financial services provider’s stock valued at $421,000 after buying an additional 362 shares during the period. Swiss National Bank raised its holdings in shares of Westamerica Bancorporation by 0.8% during the 4th quarter. Swiss National Bank now owns 52,500 shares of the financial services provider’s stock valued at $2,754,000 after purchasing an additional 400 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Westamerica Bancorporation by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,619 shares of the financial services provider’s stock valued at $767,000 after purchasing an additional 510 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Westamerica Bancorporation by 13.0% during the 1st quarter. Allworth Financial LP now owns 4,426 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 510 shares in the last quarter. Institutional investors and hedge funds 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.