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

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

A number of other equities research analysts also recently commented on WABC. StockNews.com downgraded Westamerica Bancorporation from a hold rating to a sell rating in a report on Tuesday. Keefe, Bruyette & Woods reduced their target price on Westamerica Bancorporation from $60.00 to $58.00 and set a market perform rating for the company in a report on Friday, January 19th.

Westamerica Bancorporation Price Performance

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

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data 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 firm had revenue of $78.84 million during the quarter, compared to analysts’ expectations of $77.34 million. As a group, analysts expect that Westamerica Bancorporation will post 5.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Monday, February 5th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.76%. The ex-dividend date was Friday, February 2nd. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 29.73%.

Insider Transactions at Westamerica Bancorporation

In related news, CEO David L. Payne sold 11,272 shares of Westamerica Bancorporation stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $46.79, for a total transaction of $527,416.88. Following the completion of the sale, the chief executive officer now owns 242,417 shares in the company, valued at approximately $11,342,691.43. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO David L. Payne sold 15,000 shares of Westamerica Bancorporation 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 owns 288,689 shares in the company, valued at approximately $14,362,277.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David L. Payne sold 11,272 shares of Westamerica Bancorporation stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $46.79, for a total value of $527,416.88. Following the sale, the chief executive officer now owns 242,417 shares of the company’s stock, valued at approximately $11,342,691.43. 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 90 days. 4.40% of the stock is currently owned by insiders.

Institutional Trading of Westamerica Bancorporation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new stake in Westamerica Bancorporation in the 4th quarter valued at about $31,000. Point72 Middle East FZE purchased a new stake in Westamerica Bancorporation in the 2nd quarter valued at about $34,000. Money Concepts Capital Corp purchased a new stake in Westamerica Bancorporation in the 4th quarter valued at about $70,000. PNC Financial Services Group Inc. grew its holdings in Westamerica Bancorporation by 91.0% in the 2nd 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 period. Finally, Captrust Financial Advisors grew its holdings 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 during the period. Hedge funds and other institutional investors 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.