Westamerica Bancorporation (NASDAQ:WABC) Hits New 52-Week High – What’s Next?

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

Analysts Set New Price Targets

Several analysts recently weighed in on WABC shares. Maxim Group downgraded Westamerica Bancorporation from a “buy” rating to a “hold” rating in a report on Monday, July 22nd. StockNews.com upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Piper Sandler increased their price objective on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $57.00.

Westamerica Bancorporation Stock Performance

The business has a 50-day moving average of $50.79 and a two-hundred day moving average of $50.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.26 and a quick ratio of 0.25. The company has a market cap of $1.53 billion, a P/E ratio of 10.70 and a beta of 0.54.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.27 EPS for the quarter, meeting the consensus estimate of $1.27. Westamerica Bancorporation had a net margin of 45.73% and a return on equity of 17.67%. The business had revenue of $74.07 million during the quarter, compared to analyst estimates of $72.74 million. On average, sell-side analysts predict that Westamerica Bancorporation will post 5.17 EPS for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

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 issued a dividend of $0.44 per share. The ex-dividend date is Monday, November 4th. This represents a $1.76 annualized dividend and a dividend yield of 3.06%. Westamerica Bancorporation’s dividend payout ratio is presently 32.06%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in WABC. Kimelman & Baird LLC acquired a new stake in Westamerica Bancorporation in the second quarter worth about $36,000. EntryPoint Capital LLC acquired a new stake in Westamerica Bancorporation in the 1st quarter worth approximately $75,000. GAMMA Investing LLC grew its position 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 purchasing an additional 226 shares during the last quarter. SG Americas Securities LLC acquired a new position in Westamerica Bancorporation during the 1st quarter valued at approximately $113,000. Finally, SageView Advisory Group LLC acquired a new position in Westamerica Bancorporation during the 1st quarter valued at approximately $140,000. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

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.