Westamerica Bancorp Upgraded to “Neutral” by Zacks (WABC)
Westamerica Bancorp (NASDAQ:WABC) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a report released on Tuesday, Analyst Ratings Network reports. The firm currently has a $51.00 price target on the stock. Zacks‘ target price suggests a potential upside of 3.39% from the stock’s previous close.
Zacks‘ analyst wrote, “We are upgrading our long-term recommendation on Westamerica to Neutral from Underperform primarily based on its steadily declining operating expenses. However, the company’s second-quarter 2013 earnings missed the Zacks Consensus Estimate due to lower net interest income, partially offset by almost stable fee revenues and a drop in operating expenses. Further, capital and profitability ratios as well as loan and deposit balances declined. However, improved credit quality was among the tailwinds. We don’t expect any significant improvement in interest income in the near term due to a still low interest-rate scenario. On the other hand, we anticipate continued synergies from the company’s conservative credit culture and stable balance sheet. Further, once the market rebounds to a more conducive operating environment, the company will be able to capitalize on growth opportunities.”
Westamerica Bancorp (NASDAQ:WABC) traded up 0.26% on Tuesday, hitting $49.33. 63,685 shares of the company’s stock traded hands. Westamerica Bancorp has a 1-year low of $40.50 and a 1-year high of $50.78. The stock has a 50-day moving average of $48.44 and a 200-day moving average of $46.20. The company has a market cap of $1.321 billion and a P/E ratio of 18.22.
Westamerica Bancorp (NASDAQ:WABC) last issued its quarterly earnings data on Tuesday, July 16th. The company reported $0.64 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.64. The company had revenue of $56.90 million for the quarter, compared to the consensus estimate of $56.01 million. During the same quarter in the previous year, the company posted $0.75 earnings per share. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. On average, analysts predict that Westamerica Bancorp will post $2.53 earnings per share for the current fiscal year.
WABC has been the subject of a number of other recent research reports. Analysts at Keefe, Bruyette & Woods raised their price target on shares of Westamerica Bancorp (NASDAQ:WABC) from $47.00 to $47.50 in a research note to investors on Wednesday, July 17th. They now have a “sell” rating on the stock. Analysts at TheStreet upgraded shares of Westamerica Bancorp (NASDAQ:WABC) from a “hold” rating to a “buy” rating in a research note to investors on Friday, July 5th.
Three analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $45.70.
Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank (NASDAQ:WABC).
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