Westamerica Bancorporation (NASDAQ:WABC) Hits New 52-Week High – Here’s Why

Westamerica Bancorporation (NASDAQ:WABC)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $59.33 and last traded at $58.83, with a volume of 20211 shares changing hands. The stock had previously closed at $57.81.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WABC. Maxim Group downgraded shares of Westamerica Bancorporation from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. StockNews.com raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, Piper Sandler boosted their price objective on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat, Westamerica Bancorporation currently has a consensus rating of “Hold” and a consensus target price of $57.00.

Westamerica Bancorporation Stock Down 0.5 %

The company’s 50 day simple moving average is $51.05 and its 200-day simple moving average is $50.18. The company has a current ratio of 0.26, a quick ratio of 0.25 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.52 billion, a P/E ratio of 10.36 and a beta of 0.54.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.27 earnings per share for the quarter, hitting the consensus estimate of $1.27. Westamerica Bancorporation had a net margin of 45.73% and a return on equity of 17.67%. The firm had revenue of $74.07 million for the quarter, compared to analysts’ expectations of $72.74 million. Research analysts forecast that Westamerica Bancorporation will post 5.17 earnings per share for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, November 4th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Monday, November 4th. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 32.06%.

Hedge Funds Weigh In On Westamerica Bancorporation

Several institutional investors have recently made changes to their positions in WABC. Kimelman & Baird LLC bought a new stake in Westamerica Bancorporation during the 2nd quarter worth approximately $36,000. EntryPoint Capital LLC bought a new stake in Westamerica Bancorporation during the 1st quarter worth approximately $75,000. GAMMA Investing LLC raised its stake in Westamerica Bancorporation by 13.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,862 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 226 shares during the period. SG Americas Securities LLC bought a new stake in Westamerica Bancorporation during the 1st quarter worth approximately $113,000. Finally, SageView Advisory Group LLC bought a new stake in Westamerica Bancorporation during the 1st quarter worth approximately $140,000. Institutional investors own 81.89% of the company’s stock.

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.