Westamerica Bancorporation (NASDAQ:WABC) Reaches New 52-Week High – Here’s What Happened

Westamerica Bancorporation (NASDAQ:WABC) shares hit a new 52-week high on Wednesday . The stock traded as high as $59.02 and last traded at $58.58, with a volume of 41098 shares traded. The stock had previously closed at $51.71.

Wall Street Analyst Weigh In

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

Westamerica Bancorporation Stock Up 12.6 %

The stock’s 50-day moving average is $50.20 and its 200-day moving average is $49.73. The stock has a market cap of $1.55 billion, a P/E ratio of 10.57 and a beta of 0.54. The company has a current ratio of 0.26, a quick ratio of 0.25 and a debt-to-equity ratio of 0.15.

Westamerica Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders 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 yield of 3.02%. Westamerica Bancorporation’s payout ratio is presently 32.06%.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Westamerica Bancorporation by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 3,512,538 shares of the financial services provider’s stock valued at $171,693,000 after buying an additional 19,654 shares during the period. American Century Companies Inc. raised its holdings in shares of Westamerica Bancorporation by 11.7% during the second quarter. American Century Companies Inc. now owns 1,904,399 shares of the financial services provider’s stock worth $92,421,000 after acquiring an additional 199,721 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Westamerica Bancorporation by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 861,398 shares of the financial services provider’s stock worth $41,801,000 after purchasing an additional 41,841 shares during the last quarter. Kennedy Capital Management LLC raised its stake in shares of Westamerica Bancorporation by 70.2% during the 1st quarter. Kennedy Capital Management LLC now owns 252,177 shares of the financial services provider’s stock worth $12,326,000 after purchasing an additional 104,029 shares in the last quarter. Finally, Leeward Investments LLC MA lifted its holdings in shares of Westamerica Bancorporation by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 170,773 shares of the financial services provider’s stock valued at $8,288,000 after buying an additional 9,099 shares during the last quarter. Institutional investors and hedge funds 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.