Westamerica Bancorporation (NASDAQ:WABC) Shares Pass Above 200-Day Moving Average - Time to Sell?

Key Points

• Westamerica Bancorporation shares rose above their 200-day moving average, trading near $60.70 versus the $56.28 average, signaling improved technical momentum.
• Analysts maintain a consensus “Hold” rating with an average price target of $64.00; Keefe, Bruyette & Woods recently raised its target from $60 to $64.
• The company reported quarterly EPS of $1.17, beating estimates by $0.07, and pays a quarterly dividend of $0.48 per share, representing a 3.2% annualized yield.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $56.28 and traded as high as $60.78. Westamerica Bancorporation shares last traded at $60.70, with a volume of 1,075,084 shares traded.

Analysts Set New Price Targets

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

Westamerica Bancorporation Stock Up 0.6%

The firm has a 50-day moving average of $59.47 and a two-hundred day moving average of $56.28. The company has a market capitalization of $1.40 billion, a PE ratio of 13.37 and a beta of 0.56.

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

Westamerica Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 3.2%. Westamerica Bancorporation's dividend payout ratio is 42.29%.

Institutional Trading of Westamerica Bancorporation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Westamerica Bancorporation in the second quarter worth about $1,588,000. Man Group plc acquired a new stake in shares of Westamerica Bancorporation during the 2nd quarter valued at about $5,145,000. WINTON GROUP Ltd increased its stake in shares of Westamerica Bancorporation by 48.2% in the 2nd quarter. WINTON GROUP Ltd now owns 69,033 shares of the financial services provider's stock valued at $4,050,000 after purchasing an additional 22,456 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Westamerica Bancorporation by 48.0% in the 1st quarter. Bank of America Corp DE now owns 86,384 shares of the financial services provider's stock valued at $4,505,000 after purchasing an additional 28,009 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in Westamerica Bancorporation in the 2nd quarter worth about $1,480,000. Institutional investors and hedge funds own 81.89% of the company's stock.

About Westamerica Bancorporation

Westamerica Bancorporation NASDAQ: WABC is a bank holding company headquartered in San Rafael, California. Through its principal subsidiary, Westamerica Bank, the company provides community banking services to individuals, businesses and organizations.

Westamerica Bank offers deposit accounts, commercial and consumer lending, real estate loans, cash-management and treasury services, online and mobile banking, and other financial services. Its lending activities include loans for business operations, commercial real estate, residential real estate and personal needs.

The company serves customers primarily in Northern and Central California through a network of banking offices and digital channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.