Westamerica Bancorporation (NASDAQ:WABC) Given New $50.00 Price Target at Piper Sandler

Westamerica Bancorporation (NASDAQ:WABC) had its price objective decreased by Piper Sandler from $51.00 to $50.00 in a research report sent to investors on Friday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

WABC has been the subject of a number of other reports. Keefe, Bruyette & Woods decreased their price objective on 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. StockNews.com lowered Westamerica Bancorporation from a hold rating to a sell rating in a research report on Tuesday.

Westamerica Bancorporation Stock Up 2.7 %

NASDAQ:WABC opened at $46.78 on Friday. Westamerica Bancorporation has a 1-year low of $35.52 and a 1-year high of $57.96. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 7.90 and a beta of 0.56. The stock has a fifty day simple moving average of $46.87 and a 200 day simple moving average of $48.98.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02). Westamerica Bancorporation had a net margin of 48.35% and a return on equity of 22.79%. The company had revenue of $78.84 million during the quarter, compared to analyst estimates of $77.34 million. Equities analysts predict that Westamerica Bancorporation will post 5.35 earnings per share for the current year.

Westamerica Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Monday, February 5th were given a dividend of $0.44 per share. The ex-dividend date of this dividend 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 presently 29.73%.

Insider Transactions at Westamerica Bancorporation

In other news, CEO David L. Payne sold 15,000 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $49.75, for a total transaction 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 approximately $14,362,277.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO David L. Payne sold 11,272 shares of the firm’s stock in a transaction that occurred 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 directly owns 242,417 shares of the company’s stock, valued at approximately $11,342,691.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David L. Payne sold 15,000 shares of the firm’s stock in a transaction that occurred 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 $14,362,277.75. The disclosure for this sale can be found here. Insiders sold 45,000 shares of company stock valued at $2,213,458 in the last three months. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WABC. Global Retirement Partners LLC bought a new position in Westamerica Bancorporation in the 4th quarter worth approximately $31,000. Point72 Middle East FZE acquired a new stake in shares of Westamerica Bancorporation during the 2nd quarter worth approximately $34,000. PNC Financial Services Group Inc. grew its holdings in shares of Westamerica Bancorporation by 91.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,293 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 616 shares in the last quarter. Money Concepts Capital Corp acquired a new stake in Westamerica Bancorporation in the 4th quarter valued at $70,000. Finally, Captrust Financial Advisors boosted its stake in Westamerica Bancorporation by 123.9% in the 1st quarter. Captrust Financial Advisors now owns 1,547 shares of the financial services provider’s stock valued at $94,000 after buying an additional 856 shares in the last quarter. 81.89% of the stock is owned by institutional investors.

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.