Westamerica Bancorporation declares quarterly dividend of $0.42 (NASDAQ:WABC)
Westamerica Bancorporation (NASDAQ:WABC) announced a quarterly dividend on Thursday, Jan. 27, Zacks reports. Shareholders of record on Monday February 7 will receive a dividend of 0.42 per share from the financial services provider on Friday February 18. This represents an annualized dividend of $1.68 and a yield of 2.91%. The ex-dividend date is Friday, February 4.
Westamerica Bancorporation has increased its dividend by 3.1% over the past three years and has increased its dividend every year for the past 29 years. Westamerica Bancorporation has a dividend payout ratio of 48.7%, indicating that its dividend is sufficiently covered by earnings. Equity research analysts expect Westamerica Bancorporation to earn $3.15 per share next year, meaning the company should continue to be able to cover its annual dividend of $1.68 with an expected future payout ratio of 53.3%.
WABC opened at $57.68 on Friday. Westamerica Bancorporation has a 52-week minimum of $53.24 and a 52-week maximum of $66.85. The company has a 50-day moving average of $57.67 and a two-hundred-day moving average of $56.66. The company has a market capitalization of $1.55 billion, a P/E ratio of 17.48 and a beta of 0.63.
Westamerica Bancorporation (NASDAQ:WABC) last released quarterly earnings data on Thursday, January 20. The financial services provider reported earnings per share (EPS) of $0.81 for the quarter, missing the consensus estimate of $0.82 per ($0.01). Westamerica Bancorporation achieved a return on equity of 10.14% and a net margin of 40.32%. In the same quarter of the previous year, the company achieved EPS of $0.74. As a group, equity research analysts expect Westamerica Bancorporation to post EPS of 3.24 for the current year.
Several large investors have recently changed their holdings in WABC. LPL Financial LLC increased its holdings of Westamerica Bancorporation shares by 13.0% during the third quarter. LPL Financial LLC now owns 6,424 shares of the financial services provider worth $361,000 after purchasing an additional 738 shares during the period. Royal Bank of Canada increased its holdings of Westamerica Bancorporation shares by 52.0% in the third quarter. Royal Bank of Canada now owns 6,461 shares of the financial services provider worth $363,000 after acquiring an additional 2,209 shares during the period. Finally, Morgan Stanley increased its stake in shares of Westamerica Bancorporation by 18.6% in the 2nd quarter. Morgan Stanley now owns 157,546 shares of the financial services provider worth $9,142,000 after acquiring an additional 24,724 shares during the period. 75.36% of the shares are currently held by institutional investors.
Several research analysts have recently weighed in on the stock. The Maxim Group restated a “buy” rating and published a target price of $75.00 on shares of Westamerica Bancorporation in a research note on Friday, January 21. Zacks Investment Research upgraded shares of Westamerica Bancorporation from a “hold” rating to a “buy” rating and set a target price of $66.00 for the company in a research note Tuesday. Finally, TheStreet upgraded shares of Westamerica Bancorporation from a “c+” rating to a “b-” rating in a Tuesday, Nov. 9 research note.
About Westamerica Bancorporation
Westamerica Bancorporation operates as a bank holding company. It provides a range of retail and business banking services in northern and central California. It offers loans and lines of credit, online services, mobile banking, checks, savings, credit cards, cash management, overdraft services, merchant services, business banking services, bank-owned property, business loan prevention, payroll and trust services.
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