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

Key Points

• WABC shares rose above their 200-day moving average of $56.70, reaching $60.65 before closing at $59.38, with 275,266 shares traded.
• Analyst sentiment remains cautious: the consensus rating is Hold with a $64 price target, while recent firms either upgraded the stock to Hold or lowered their rating to Hold.
• Westamerica exceeded quarterly expectations with EPS of $1.17 versus $1.10 expected and revenue of $62.77 million; it also paid a quarterly dividend of $0.48, implying a 3.2% yield.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $56.70 and traded as high as $60.65. Westamerica Bancorporation shares last traded at $59.38, with a volume of 275,266 shares changing hands.

Analysts Set New Price Targets

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

Westamerica Bancorporation Stock Down 2.1%

The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 13.08 and a beta of 0.56. The stock's 50 day moving average is $59.39 and its 200 day moving average is $56.70.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its earnings results 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 firm had revenue of $62.77 million for the quarter, compared to analysts' expectations 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 previous year, the company earned $1.12 earnings per share.

Westamerica Bancorporation Dividend Announcement

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

Institutional Trading of Westamerica Bancorporation

Several institutional investors have recently modified their holdings of the company. WINTON GROUP Ltd boosted its stake in Westamerica Bancorporation by 48.2% during the second quarter. WINTON GROUP Ltd now owns 69,033 shares of the financial services provider's stock valued at $4,050,000 after buying an additional 22,456 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Westamerica Bancorporation in the second quarter worth about $101,000. Allworth Financial LP raised its position in Westamerica Bancorporation by 12.4% in the second quarter. Allworth Financial LP now owns 4,923 shares of the financial services provider's stock worth $289,000 after acquiring an additional 545 shares in the last quarter. Corient Private Wealth LP bought a new stake in Westamerica Bancorporation in the second quarter worth about $350,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Westamerica Bancorporation in the 2nd quarter valued at about $246,000. 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.

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