Westamerica Posts $1.22 Q3 EPS as Buyback-Driven Growth Continues
WABC sits 33% above its 52-week low of $44.93 on light trading volume (0.1× avg).
Summary
Westamerica reported Q3 EPS of $1.22 and net income of $28.2M, extending the pattern of per-share growth propped up by heavy buybacks rather than core earnings. The last 10-Q showed Q2 EPS rising on substantial repurchases even as net interest income fell and unrealized losses on investments widened, so the quality of this quarter's number hinges on whether those same pressures persisted. The bank has now posted three consecutive years of earnings decline while shrinking its share count, and it expanded its repurchase plan by 2 million shares in April. With the stock at $59.61 and a roughly $1.4B market cap, the print is material for a regional bank of this size.
At the time of this announcement, WABC was trading at $59.61 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $44.93 to $63.61. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.