Westamerica Bancorp’s “Neutral” Rating Reaffirmed at Zacks (WABC)
Westamerica Bancorp (NASDAQ:WABC)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued on Thursday. They currently have a $55.00 price objective on the stock. Zacks‘s price target suggests a potential upside of 4.96% from the company’s current price.
Zacks’ analyst wrote, “Westamerica’s first-quarter 2014 earnings were in line with the Zacks Consensus Estimate. Results benefited from a decline in expenses and lower provisions. However, persistent pressure on top line and deterioration in capital as well profitability ratios were the headwinds. We do not expect any significant improvement in interest income in the near term due to a still low interest rate scenario. Nevertheless, we anticipate continued synergies from the company’s conservative credit culture, prudent expense management 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.”
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet upgraded shares of Westamerica Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday.
Westamerica Bancorp (NASDAQ:WABC) traded down 0.92% on Thursday, hitting $51.92. The stock had a trading volume of 40,707 shares. Westamerica Bancorp has a one year low of $44.46 and a one year high of $57.59. The stock has a 50-day moving average of $50.14 and a 200-day moving average of $52.05. The company has a market cap of $1.366 billion and a price-to-earnings ratio of 21.48.
Westamerica Bancorp (NASDAQ:WABC) last issued its quarterly earnings data on Tuesday, April 15th. The company reported $0.58 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.58. During the same quarter in the prior year, the company posted $0.64 earnings per share. On average, analysts predict that Westamerica Bancorp will post $2.36 earnings per share for the current fiscal year.
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).
To view Zacks’ full report, visit Zacks’ official website.
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