Westamerica Bancorporation (NASDAQ:WABC) Releases Earnings Results

Key Points

• Westamerica Bancorporation reported quarterly earnings of $1.12 per share, exceeding analysts' expectations of $1.08, with a return on equity of 13.81% and a net margin of 43.69%.
• The company's stock price fell by $1.03, closing at $45.44, with a market capitalization of $1.16 billion and a PE ratio of 9.49.
• Westamerica recently announced a quarterly dividend of $0.46 per share, representing an annualized dividend yield of 4.0% and a dividend payout ratio of 38.49%.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) posted its quarterly earnings results on Thursday. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.04, Zacks reports. Westamerica Bancorporation had a return on equity of 13.81% and a net margin of 43.69%.

Westamerica Bancorporation Price Performance

Shares of NASDAQ:WABC traded down $1.03 on Thursday, hitting $45.44. The company's stock had a trading volume of 87,193 shares, compared to its average volume of 152,200. The company has a 50-day simple moving average of $48.88 and a 200 day simple moving average of $48.57. The company has a market capitalization of $1.16 billion, a PE ratio of 9.49 and a beta of 0.61. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year high of $59.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.29 and a quick ratio of 0.29.

Westamerica Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were paid a $0.46 dividend. The ex-dividend date was Monday, August 4th. This represents a $1.84 annualized dividend and a yield of 4.0%. Westamerica Bancorporation's dividend payout ratio (DPR) is currently 38.49%.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of large investors have recently bought and sold shares of WABC. 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 last quarter. Rafferty Asset Management LLC boosted its position in shares of Westamerica Bancorporation by 64.6% during the second quarter. Rafferty Asset Management LLC now owns 28,220 shares of the financial services provider's stock valued at $1,367,000 after purchasing an additional 11,071 shares in the last quarter. Man Group plc boosted its position in shares of Westamerica Bancorporation by 24.7% during the second quarter. Man Group plc now owns 24,408 shares of the financial services provider's stock valued at $1,182,000 after purchasing an additional 4,835 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Westamerica Bancorporation by 13.8% during the second quarter. BNP Paribas Financial Markets now owns 19,562 shares of the financial services provider's stock valued at $948,000 after purchasing an additional 2,377 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Westamerica Bancorporation during the second quarter valued at approximately $942,000. 81.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WABC. Wall Street Zen lowered Westamerica Bancorporation from a "hold" rating to a "sell" rating in a research report on Sunday. Keefe, Bruyette & Woods lowered their price target on Westamerica Bancorporation from $55.00 to $54.00 and set a "market perform" rating for the company in a research report on Monday, July 21st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Westamerica Bancorporation in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $52.00.

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.

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