Westamerica Bancorporation (NASDAQ:WABC) Announces Quarterly Dividend of $0.48

Key Points

• Westamerica declared a quarterly dividend of $0.48 per share (a 4.3% increase from $0.46), with an ex-dividend/record date of May 4 and payable on May 15, implying a ~3.5% yield.
• The bank beat Q1 estimates with $1.13 EPS vs. $1.08 and $62.08M revenue vs. $60.7M, and its dividend is covered at a 44.7% payout ratio after 34 consecutive years of annual raises.
• Shares trade around $54.65 with a market cap of $1.32B and a P/E of 12.17; analysts show a consensus of "Moderate Buy" and an average price target of $58.00.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) announced a quarterly dividend on Thursday, April 23rd. Stockholders of record on Monday, May 4th will be given a dividend of 0.48 per share by the financial services provider on Friday, May 15th. This represents a c) dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, May 4th. This is a 4.3% increase from Westamerica Bancorporation's previous quarterly dividend of $0.46.

Westamerica Bancorporation has raised its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 34 consecutive years. Westamerica Bancorporation has a dividend payout ratio of 44.7% indicating that its dividend is sufficiently covered by earnings.

Westamerica Bancorporation Price Performance

NASDAQ:WABC opened at $54.65 on Friday. The firm has a market capitalization of $1.32 billion, a P/E ratio of 12.17 and a beta of 0.57. Westamerica Bancorporation has a 1-year low of $44.93 and a 1-year high of $56.22. The company's fifty day moving average price is $51.90 and its 200-day moving average price is $49.79.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.05. The firm had revenue of $62.08 million for the quarter, compared to analyst estimates of $60.70 million. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%.

Analyst Ratings Changes

Several research firms recently commented on WABC. Weiss Ratings upgraded shares of Westamerica Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 23rd. Keefe, Bruyette & Woods raised their price target on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the company a "market perform" rating in a research report on Friday, April 17th. Finally, Wall Street Zen lowered shares of Westamerica Bancorporation from a "hold" rating to a "sell" rating in a research report on Saturday, February 14th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Westamerica Bancorporation presently has a consensus rating of "Moderate Buy" and an average price target of $58.00.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation NASDAQ: WABC is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company's lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.

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