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

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) released its quarterly earnings results on Thursday. The financial services provider reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.01, Zacks reports. Westamerica Bancorporation had a net margin of 44.10% and a return on equity of 14.95%. The company had revenue of $64.88 million for the quarter, compared to analyst estimates of $65.80 million.

Westamerica Bancorporation Price Performance

WABC stock traded down $0.02 on Thursday, reaching $50.76. 158,034 shares of the company were exchanged, compared to its average volume of 137,006. The firm has a market capitalization of $1.33 billion, a PE ratio of 10.17 and a beta of 0.64. The stock's fifty day moving average price is $49.06 and its 200 day moving average price is $49.51. Westamerica Bancorporation has a 12 month low of $42.00 and a 12 month high of $59.97.

Westamerica Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.84 dividend on an annualized basis and a yield of 3.62%. This is a positive change from Westamerica Bancorporation's previous quarterly dividend of $0.44. Westamerica Bancorporation's payout ratio is 36.87%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, SVP John A. Thorson sold 2,243 shares of the firm's stock in a transaction dated 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 transaction, the senior vice president directly owned 11,591 shares of the company's stock, valued at approximately $562,974.87. This trade represents a 16.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert James Baker, Jr. sold 710 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $48.16, for a total transaction of $34,193.60. The disclosure for this sale can be found here. Corporate 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. Jane Street Group LLC lifted its holdings in shares of Westamerica Bancorporation by 815.8% during the 1st quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider's stock worth $3,416,000 after acquiring an additional 60,102 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 valued at $3,243,000 after purchasing an additional 5,293 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Westamerica Bancorporation in the 1st quarter valued at $99,000. Strs Ohio acquired a new stake in shares of Westamerica Bancorporation in the 1st quarter valued at $96,000. Finally, Royal Bank of Canada boosted its stake in shares of Westamerica Bancorporation by 6.8% in the 1st quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider's stock valued at $938,000 after purchasing an additional 1,183 shares in the last quarter. 81.89% of the stock is owned by 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.