Westamerica Bancorporation (NASDAQ:WABC) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

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

Westamerica Bancorporation Stock Performance

Westamerica Bancorporation stock opened at $46.78 on Friday. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 7.90 and a beta of 0.56. Westamerica Bancorporation has a 52-week low of $35.52 and a 52-week high of $57.96. The stock’s 50 day moving average price is $46.87 and its two-hundred day moving average price is $48.98.

Westamerica Bancorporation Dividend Announcement

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

Analysts Set New Price Targets

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

Insider Activity

In related news, 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 transaction of $746,250.00. Following the transaction, the chief executive officer now directly owns 288,689 shares of the company’s stock, valued at $14,362,277.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO David L. Payne sold 8,728 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $50.95, for a total value of $444,691.60. Following the completion of the sale, the chief executive officer now directly owns 333,689 shares in the company, valued at approximately $17,001,454.55. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David L. Payne sold 15,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 288,689 shares of the company’s stock, valued at $14,362,277.75. The disclosure for this sale can be found here. Insiders sold 45,000 shares of company stock worth $2,213,458 in the last quarter. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of hedge funds have recently added to or reduced their stakes in the company. Point72 Middle East FZE bought a new position in shares of Westamerica Bancorporation in the 2nd quarter worth $34,000. Money Concepts Capital Corp bought a new position in shares of Westamerica Bancorporation in the fourth quarter valued at $70,000. PNC Financial Services Group Inc. grew its holdings in shares of Westamerica Bancorporation by 91.0% during 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 buying an additional 616 shares during the last quarter. Captrust Financial Advisors increased its position in shares of Westamerica Bancorporation by 123.9% during the first quarter. Captrust Financial Advisors now owns 1,547 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 856 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Westamerica Bancorporation in the 2nd quarter worth about $115,000. Institutional investors and hedge funds 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.