Westamerica Bancorporation's (NASDAQ:WABC) Senior Vice President and Chief Financial Officer, John A. Thorson, has recently sold a total of 1,100 shares of the company's common stock. The transaction, which took place on April 22, 2024, was executed at a price of $47.24 per share, amounting to over $51,964 in total value.
This sale has brought Thorson's direct holdings in the company to zero, according to the latest filing with the Securities and Exchange Commission. It's worth noting that despite this sale, Thorson still indirectly owns shares of Westamerica Bancorporation through an employee stock ownership plan (ESOP) and a trust, with 1,511.2 and 13,799 shares remaining in these holdings, respectively.
The financial details of the transaction, which are publicly available for investors' scrutiny, show the CFO's decision to dispose of these shares at the stated price. While the reasons behind Thorson's sale are not disclosed in the filing, such transactions are common among corporate executives and can be influenced by a variety of personal financial considerations.
Investors and market watchers often keep a close eye on insider transactions as they can provide valuable insights into the executives' perspectives on the company's current valuation and future prospects. Thorson's recent transaction will certainly be of interest to those closely following Westamerica Bancorporation's financial movements and executive decisions.
InvestingPro Insights
Westamerica Bancorporation's (NASDAQ:WABC) recent insider transaction involving Senior Vice President and Chief Financial Officer John A. Thorson has prompted investors to look more closely at the company's financial metrics. In light of this event, examining the company through the lens of InvestingPro data and tips can provide additional context.
InvestingPro data reveals that Westamerica Bancorporation has a market capitalization of $1.28 billion and is trading at a P/E ratio of 8.06, indicating a potentially undervalued stock in relation to its near-term earnings growth, with a PEG ratio of 0.59. The company has also maintained a solid dividend yield of 3.69% with a dividend growth of 4.76% over the last twelve months, as of Q1 2024. These metrics suggest a stable financial position, which could be a factor in the CFO's decision to sell shares.
Among the InvestingPro Tips, it's notable that Westamerica Bancorporation has raised its dividend for an impressive 31 consecutive years, reflecting a commitment to returning value to shareholders. Additionally, the company has been profitable over the last twelve months, which aligns with the positive return on assets of 2.4%. However, it's important for investors to consider that three analysts have revised their earnings downwards for the upcoming period, and the company is expected to see a drop in net income this year.
For those interested in a deeper dive into Westamerica Bancorporation's financial health, InvestingPro offers additional insights. There are more tips available, including an analysis of the company's gross profit margins and future profitability predictions. To access these insights and enhance your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
With these InvestingPro Insights, investors can better assess the significance of the CFO's stock sale and how it fits into the broader picture of Westamerica Bancorporation's financial performance and outlook.
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