SAN RAFAEL, CA – Westamerica Bancorporation (NASDAQ:WABC), a commercial bank holding company, announced the appointment of Anela Jonas as its new Chief Financial Officer effective June 27, 2024. Ms. Jonas, a California licensed certified public accountant (inactive), has been with the company for thirteen years and previously held the position of Controller within the Finance and Administration Division.
In conjunction with this appointment, Mr. John "Robert" Thorson, who has been serving as the company’s CFO from 2005 to 2019 and again from March 2023 until the recent change, will continue his role as Treasurer and Treasury Division Manager.
The changes in Westamerica Bancorporation's executive team were reported in a Form 8-K filed with the Securities and Exchange Commission on June 28, 2024. The filing confirms the internal reshuffle as part of the company's corporate governance and management strategy.
The announcement is a significant development for the California-based banking institution, which operates under the SIC National Commercial Banks [6021]. Westamerica Bancorporation is known for providing a range of banking services to individual and corporate customers in Northern and Central California.
In other recent news, Westamerica Bancorp has experienced some shifts in financial expectations. Keefe, Bruyette & Woods reduced its price target for the bank to $57.00, citing a decrease in revenues. The firm also lowered its earnings estimates for Westamerica Bancorp, emphasizing the bank's sensitivity to changes in asset rates. Similarly, Piper Sandler cut its price target for Westamerica Bancorp to $50, following a lower-than-anticipated net interest income in the company's first-quarter earnings report for 2024. Piper Sandler also revised its financial model for the bank, expecting lower margins and fee income.
In addition to these financial adjustments, Westamerica Bancorp welcomed a new board member, Martin Camsey. Camsey, with over 35 years of experience in the retail automobile industry, will serve on the Audit and Employee Benefits committees of Westamerica Bank.
Meanwhile, Federal Reserve Governor Lisa Cook highlighted the robust financial health of U.S. sectors, including the resilience of the commercial real estate sector. Cook's comments came after the Federal Reserve's latest biannual financial stability report, which expressed vigilance over certain areas such as consumer auto and credit card delinquency rates. These recent developments provide an overview of the current financial landscape for investors.
InvestingPro Insights
In light of Westamerica Bancorporation's recent executive changes, investors may find additional context from InvestingPro data and tips valuable. Notably, the company has a longstanding history of financial stability, as evidenced by its 31-year streak of raising dividends, a testament to its commitment to shareholder returns. Additionally, Westamerica Bancorporation is trading at a low P/E ratio of 8.2, which is attractive relative to its near-term earnings growth. This indicates that the stock may be undervalued, especially when considering the company's profitability over the last twelve months.
InvestingPro data also highlights a robust 9.77% revenue growth over the last twelve months as of Q1 2024, signaling strong financial performance. Meanwhile, the company's dividend yield stands at a healthy 3.73%, offering investors a solid income stream. It's worth noting that despite some concerns over weak gross profit margins, analysts predict the company will remain profitable this year.
For investors seeking further insights, there are additional InvestingPro Tips available, which can be explored for a more comprehensive analysis of Westamerica Bancorporation's financial health. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable investment strategies and data.
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