Westamerica Bancorporation (NASDAQ:WABC) Posts Earnings Results, Beats Expectations By $0.01 EPS

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 the consensus estimate of $1.11 by $0.01, Zacks reports. The company had revenue of $64.88 million for the quarter, compared to analyst estimates of $65.80 million. Westamerica Bancorporation had a net margin of 43.69% and a return on equity of 13.81%.

Westamerica Bancorporation Price Performance

WABC stock traded down $0.62 during mid-day trading on Friday, hitting $50.14. The stock had a trading volume of 121,564 shares, compared to its average volume of 136,625. The firm has a fifty day simple moving average of $49.06 and a 200 day simple moving average of $49.46. Westamerica Bancorporation has a 52 week low of $42.00 and a 52 week high of $59.97. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.31 billion, a P/E ratio of 10.49 and a beta of 0.64.

Westamerica Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Monday, May 5th were given a $0.46 dividend. The ex-dividend date was Monday, May 5th. This is a positive change from Westamerica Bancorporation's previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a dividend yield of 3.67%. Westamerica Bancorporation's dividend payout ratio is presently 38.49%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen raised shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Keefe, Bruyette & Woods dropped their target price on shares of Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Finally, Piper Sandler dropped their target price on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, April 21st.

Insider Buying and Selling

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 710 shares of the firm's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $48.16, for a total transaction of $34,193.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John A. Thorson sold 2,243 shares of Westamerica Bancorporation stock in a transaction on Monday, April 28th. The shares were sold at an average price of $48.57, for a total transaction of $108,942.51. Following the completion of the sale, the senior vice president owned 11,591 shares of the company's stock, valued at $562,974.87. This represents a 16.21% decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently made changes to their positions in WABC. Strs Ohio bought a new stake in Westamerica Bancorporation during the first quarter valued at approximately $96,000. Jane Street Group LLC lifted its position in Westamerica Bancorporation by 815.8% during the first quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider's stock valued at $3,416,000 after purchasing an additional 60,102 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Westamerica Bancorporation by 9.0% during the first 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 valued at $3,243,000 after acquiring an additional 5,293 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Westamerica Bancorporation during the first quarter valued at approximately $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Westamerica Bancorporation by 4.4% during the first 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 last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

Westamerica Bancorporation Company Profile

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.