Westamerica Bancorporation (NASDAQ:WABC) Sees Strong Trading Volume - Here's Why

Shares of Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 233,560 shares traded hands during trading, an increase of 79% from the previous session's volume of 130,761 shares.The stock last traded at $50.60 and had previously closed at $49.85.

Analysts Set New Price Targets

WABC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. StockNews.com raised Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research report on Tuesday. Finally, Piper Sandler decreased their target price on Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating for the company in a research report on Monday, April 21st.

Westamerica Bancorporation Price Performance

The business's 50-day simple moving average is $48.58 and its two-hundred day simple moving average is $51.46. The company has a quick ratio of 0.26, a current ratio of 0.27 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.32 billion, a P/E ratio of 9.73 and a beta of 0.64.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.07. The firm had revenue of $66.71 million during the quarter, compared to analyst estimates of $66.47 million. Westamerica Bancorporation had a return on equity of 16.15% and a net margin of 44.55%. Sell-side analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Monday, May 5th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.64%. This is an increase from Westamerica Bancorporation's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, May 5th. Westamerica Bancorporation's dividend payout ratio is presently 36.87%.

Insider Activity at Westamerica Bancorporation

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

Hedge Funds Weigh In On Westamerica Bancorporation

Several institutional investors and hedge funds have recently made changes to their positions in WABC. Vanguard Group Inc. raised its holdings in shares of Westamerica Bancorporation by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 3,505,495 shares of the financial services provider's stock valued at $183,898,000 after acquiring an additional 34,762 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Westamerica Bancorporation by 4.9% during the first quarter. American Century Companies Inc. now owns 1,847,338 shares of the financial services provider's stock valued at $93,531,000 after buying an additional 86,850 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Westamerica Bancorporation by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 875,300 shares of the financial services provider's stock worth $45,919,000 after purchasing an additional 9,928 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Westamerica Bancorporation by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 753,088 shares of the financial services provider's stock valued at $39,515,000 after acquiring an additional 17,649 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Westamerica Bancorporation by 17.7% during the 4th quarter. Northern Trust Corp now owns 393,998 shares of the financial services provider's stock valued at $20,669,000 after buying an additional 59,325 shares during the last quarter. Institutional investors own 81.89% of the company's stock.

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.