BidaskClub Lowers Westamerica Bancorporation (WABC) to Sell
Westamerica Bancorporation (NASDAQ:WABC) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Sunday.
Other research analysts also recently issued research reports about the company. Maxim Group reaffirmed a “hold” rating on shares of Westamerica Bancorporation in a report on Friday, April 21st. Keefe, Bruyette & Woods raised Westamerica Bancorporation from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $54.00 to $56.00 in a report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $56.00.
Shares of Westamerica Bancorporation (NASDAQ:WABC) traded down 1.57% during trading on Friday, hitting $54.07. The stock had a trading volume of 80,351 shares. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 23.51 and a beta of 1.06. Westamerica Bancorporation has a 52 week low of $46.51 and a 52 week high of $65.34. The stock’s 50 day moving average is $54.02 and its 200 day moving average is $56.75.
Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.02. Westamerica Bancorporation had a return on equity of 10.53% and a net margin of 33.11%. The firm had revenue of $44.50 million for the quarter, compared to the consensus estimate of $45.75 million. During the same quarter in the prior year, the business earned $0.56 EPS. On average, equities research analysts expect that Westamerica Bancorporation will post $2.30 earnings per share for the current fiscal year.
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In related news, SVP David L. Robinson sold 1,221 shares of the company’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $58.39, for a total value of $71,294.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John A. Thorson sold 1,303 shares of the company’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $58.09, for a total transaction of $75,691.27. The disclosure for this sale can be found here. Insiders have sold a total of 10,856 shares of company stock valued at $634,407 in the last quarter. Corporate insiders own 4.90% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. First Interstate Bank purchased a new position in Westamerica Bancorporation during the first quarter worth about $104,000. Ameritas Investment Partners Inc. purchased a new position in Westamerica Bancorporation during the first quarter worth about $119,000. Northwest Investment Counselors LLC purchased a new position in Westamerica Bancorporation during the second quarter worth about $134,000. Huntington National Bank boosted its position in Westamerica Bancorporation by 61.6% in the second quarter. Huntington National Bank now owns 3,161 shares of the financial services provider’s stock worth $156,000 after buying an additional 1,205 shares during the period. Finally, SG Americas Securities LLC boosted its position in Westamerica Bancorporation by 20.1% in the first quarter. SG Americas Securities LLC now owns 2,795 shares of the financial services provider’s stock worth $156,000 after buying an additional 467 shares during the period. Hedge funds and other institutional investors own 86.74% of the company’s stock.
About Westamerica Bancorporation
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. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.
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