Westamerica Bancorporation (NASDAQ:WABC) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• Westamerica Bancorporation shares crossed above their 200-day moving average, reaching $59.87 and closing near $59.55, compared with a 200-day average of $54.90.
• Analyst sentiment is moderately positive: the consensus rating is “Moderate Buy” with a $64 price target, while recent ratings included a hold, market perform, and buy.
• The company beat quarterly expectations with $1.17 EPS versus the $1.10 estimate and revenue of $62.77 million; it also declared a quarterly dividend of $0.48 per share, representing a 3.2% yield.

Shares of Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $54.90 and traded as high as $59.87. Westamerica Bancorporation shares last traded at $59.55, with a volume of 139,580 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on WABC shares. Wall Street Zen upgraded shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Keefe, Bruyette & Woods boosted their target price on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Westamerica Bancorporation in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Westamerica Bancorporation presently has an average rating of "Moderate Buy" and a consensus price target of $64.00.

Westamerica Bancorporation Trading Up 1.2%

The company has a market cap of $1.38 billion, a price-to-earnings ratio of 13.12 and a beta of 0.56. The firm has a 50-day moving average price of $59.01 and a 200 day moving average price of $54.90.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a return on equity of 12.31% and a net margin of 41.71%.The business had revenue of $62.77 million for the quarter, compared to analyst estimates of $61.60 million. During the same period in the prior year, the company posted $1.12 EPS.

Westamerica Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be paid a dividend of $0.48 per share. The ex-dividend date is Monday, August 3rd. This represents a $1.92 annualized dividend and a yield of 3.2%. Westamerica Bancorporation's payout ratio is presently 42.29%.

Institutional Trading of Westamerica Bancorporation

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its holdings in Westamerica Bancorporation by 6.8% in the first quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider's stock worth $938,000 after acquiring an additional 1,183 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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 purchasing an additional 642 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Westamerica Bancorporation during the 1st quarter worth approximately $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Westamerica Bancorporation by 9.0% during 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 purchasing an additional 5,293 shares during the period. Finally, 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 purchasing an additional 60,102 shares during the last quarter. 81.89% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation NASDAQ: WABC is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company's lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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