Westamerica Bancorporation (NASDAQ:WABC) Issues Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• Westamerica Bancorporation reported quarterly EPS of $1.17, beating analyst expectations by $0.07. The company also posted a 12.26% return on equity and a 42.08% net margin.
• The stock rose 3.9% after the earnings release, trading as high as $61.30. Shares are near their 52-week high and the company has a market cap of about $1.44 billion.
• Westamerica also raised its quarterly dividend to $0.48 per share from $0.46, bringing the annualized payout to $1.92 and a 3.1% yield.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) announced its quarterly earnings results on Thursday. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.07, Zacks reports. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.

Westamerica Bancorporation Trading Up 3.9%

Shares of WABC stock traded up $2.28 on Thursday, hitting $61.30. 70,537 shares of the stock were exchanged, compared to its average volume of 188,899. The firm has a market capitalization of $1.44 billion, a PE ratio of 13.64 and a beta of 0.56. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $61.02. The firm's 50 day moving average is $56.90 and its two-hundred day moving average is $53.33.

Westamerica Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Westamerica Bancorporation's previous quarterly dividend of $0.46. Westamerica Bancorporation's payout ratio is currently 42.76%.

Insider Transactions at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.90% of the company's stock.

Institutional Trading of Westamerica Bancorporation

A number of institutional investors have recently modified their holdings of WABC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Westamerica Bancorporation by 0.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 42,725 shares of the financial services provider's stock valued at $2,044,000 after buying an additional 201 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Westamerica Bancorporation by 0.7% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider's stock worth $1,570,000 after buying an additional 213 shares during the period. Royal Bank of Canada increased its stake in shares of Westamerica Bancorporation by 1.7% in the 4th quarter. Royal Bank of Canada now owns 14,761 shares of the financial services provider's stock worth $706,000 after acquiring an additional 241 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Westamerica Bancorporation by 49.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider's stock worth $50,000 after acquiring an additional 351 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Westamerica Bancorporation by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider's stock valued at $773,000 after acquiring an additional 642 shares during the period. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on WABC shares. Keefe, Bruyette & Woods upped their target price on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a "market perform" rating in a report on Friday, April 17th. Weiss Ratings upgraded Westamerica Bancorporation from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $58.00.

About Westamerica Bancorporation

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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