Westamerica Bancorporation (NASDAQ:WABC) Issues Earnings Results, Misses Estimates By $0.02 EPS

Westamerica Bancorporation (NASDAQ:WABC) released its quarterly earnings data on Thursday. The financial services provider reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02), Yahoo Finance reports. Westamerica Bancorporation had a net margin of 48.35% and a return on equity of 22.79%. The business had revenue of $78.84 million during the quarter, compared to analyst estimates of $77.34 million.

Westamerica Bancorporation Trading Up 2.7 %

Westamerica Bancorporation stock opened at $46.78 on Friday. Westamerica Bancorporation has a twelve month low of $35.52 and a twelve month high of $57.96. The stock’s fifty day simple moving average is $46.87 and its 200-day simple moving average is $48.98. The firm has a market capitalization of $1.25 billion, a P/E ratio of 7.90 and a beta of 0.56.

Westamerica Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Monday, February 5th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date was Friday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is currently 29.73%.

Insider Transactions at Westamerica Bancorporation

In other news, CEO David L. Payne sold 15,000 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $49.75, for a total transaction of $746,250.00. Following the sale, the chief executive officer now owns 288,689 shares of the company’s stock, valued at $14,362,277.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO David L. Payne sold 11,272 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $46.79, for a total value of $527,416.88. Following the transaction, the chief executive officer now owns 242,417 shares of the company’s stock, valued at $11,342,691.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David L. Payne sold 15,000 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $49.75, for a total value of $746,250.00. Following the completion of the transaction, the chief executive officer now directly owns 288,689 shares in the company, valued at approximately $14,362,277.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,000 shares of company stock valued at $2,213,458. 4.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Westamerica Bancorporation

Large investors have recently bought and sold shares of the business. Point72 Middle East FZE purchased a new position in Westamerica Bancorporation in the second quarter valued at $34,000. PNC Financial Services Group Inc. boosted its stake in Westamerica Bancorporation by 91.0% in the second quarter. PNC Financial Services Group Inc. now owns 1,293 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 616 shares in the last quarter. Money Concepts Capital Corp acquired a new position in Westamerica Bancorporation in the fourth quarter valued at $70,000. Captrust Financial Advisors boosted its stake in Westamerica Bancorporation by 123.9% in the first quarter. Captrust Financial Advisors now owns 1,547 shares of the financial services provider’s stock valued at $94,000 after acquiring an additional 856 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in Westamerica Bancorporation in the second quarter valued at $115,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Keefe, Bruyette & Woods decreased their price target on Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, January 19th. Piper Sandler decreased their price target on Westamerica Bancorporation from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, StockNews.com cut Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday.

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.