Westamerica Bancorporation Plans Quarterly Dividend of $0.46 (NASDAQ:WABC)

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) announced a quarterly dividend on Monday, July 28th, RTT News reports. Shareholders of record on Monday, August 4th will be paid a dividend of 0.46 per share by the financial services provider on Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Monday, August 4th.

Westamerica Bancorporation has a dividend payout ratio of 44.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Westamerica Bancorporation to earn $3.95 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 46.6%.

Westamerica Bancorporation Trading Up 0.7%

WABC stock traded up $0.33 during midday trading on Monday, reaching $49.38. 111,723 shares of the company traded hands, compared to its average volume of 106,318. Westamerica Bancorporation has a 52-week low of $42.00 and a 52-week high of $59.97. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.30 and a current ratio of 0.29. The business has a 50 day moving average of $48.96 and a 200-day moving average of $49.40. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 10.33 and a beta of 0.64.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its earnings results on Thursday, July 17th. The financial services provider reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.01. The firm had revenue of $64.88 million for the quarter, compared to analysts' expectations of $65.80 million. Westamerica Bancorporation had a return on equity of 13.81% and a net margin of 43.69%. As a group, sell-side analysts expect that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WABC has been the topic of a number of analyst reports. Piper Sandler cut their target price on Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Keefe, Bruyette & Woods cut their target price on Westamerica Bancorporation from $55.00 to $54.00 and set a "market perform" rating on the stock in a research note on Monday, July 21st. Finally, Wall Street Zen raised Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Friday, June 27th.

Institutional Investors Weigh In On Westamerica Bancorporation

Several hedge funds have recently made changes to their positions in the company. Strs Ohio purchased a new stake in shares of Westamerica Bancorporation in the 1st quarter worth $96,000. Jane Street Group LLC lifted its holdings in shares of Westamerica Bancorporation by 815.8% in the 1st quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider's stock worth $3,416,000 after buying an additional 60,102 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Westamerica Bancorporation by 9.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider's stock worth $3,243,000 after buying an additional 5,293 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of Westamerica Bancorporation in the 1st quarter worth $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Westamerica Bancorporation by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider's stock worth $773,000 after buying an additional 642 shares during the period. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

About Westamerica Bancorporation

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.