Westamerica Bancorporation (NASDAQ:WABC) Share Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Westamerica Bancorporation shares moved above their 200-day moving average, reaching $59.70 before closing at $58.73. The stock has a $1.36 billion market capitalization and trades at a price-to-earnings ratio of 12.94.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $64.00. Recent actions included a rating downgrade from Weiss Ratings and a price-target increase from Keefe, Bruyette & Woods.
• The company exceeded quarterly expectations, reporting $1.17 in earnings per share versus the $1.10 consensus estimate and $62.77 million in revenue. It also paid a quarterly dividend of $0.48 per share, representing a 3.3% annualized yield.

Shares of Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $57.06 and traded as high as $59.70. Westamerica Bancorporation shares last traded at $58.73, with a volume of 148,459 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on WABC shares. Weiss Ratings cut Westamerica Bancorporation from a "buy (b)" rating to a "hold (c+)" rating in a report on Wednesday, August 12th. Keefe, Bruyette & Woods boosted their price target on Westamerica Bancorporation from $60.00 to $64.00 and gave the company a "market perform" rating in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $64.00.

Westamerica Bancorporation Stock Down 0.6%

The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 12.94 and a beta of 0.56. The stock's 50-day simple moving average is $59.21 and its 200 day simple moving average is $57.06.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.31%. The company had revenue of $62.77 million during the quarter, compared to analyst estimates of $61.60 million. During the same quarter last year, the business posted $1.12 earnings per share.

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were given a dividend of $0.48 per share. The ex-dividend date was Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.3%. Westamerica Bancorporation's dividend payout ratio is 42.29%.

Hedge Funds Weigh In On Westamerica Bancorporation

Institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd boosted its stake in Westamerica Bancorporation by 48.2% in the second quarter. WINTON GROUP Ltd now owns 69,033 shares of the financial services provider's stock worth $4,050,000 after purchasing an additional 22,456 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Westamerica Bancorporation in the second quarter valued at $101,000. Allworth Financial LP increased its stake in shares of Westamerica Bancorporation by 12.4% in the second quarter. Allworth Financial LP now owns 4,923 shares of the financial services provider's stock valued at $289,000 after buying an additional 545 shares in the last quarter. Corient Private Wealth LP acquired a new stake in shares of Westamerica Bancorporation in the second quarter valued at $350,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Westamerica Bancorporation in the second quarter valued at about $246,000. Institutional investors own 81.89% of the company's stock.

About Westamerica Bancorporation

Westamerica Bancorporation is a bank holding company headquartered in San Rafael, California. Its principal subsidiary, Westamerica Bank, is a community bank serving individuals, businesses, nonprofit organizations and public entities in Northern and Central California.

Westamerica Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, commercial and consumer loans, residential and commercial real estate financing, and lines of credit.

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