Westamerica Bancorporation (WABC) Upgraded by BidaskClub to Hold

Westamerica Bancorporation (NASDAQ:WABC) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Saturday.

Several other equities analysts have also recently commented on the company. Maxim Group reiterated a “hold” rating on shares of Westamerica Bancorporation in a research note on Friday. Sandler O’Neill reiterated a “sell” rating and set a $54.00 target price on shares of Westamerica Bancorporation in a research note on Thursday, January 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $58.00 target price on shares of Westamerica Bancorporation in a research note on Friday, December 22nd.

Westamerica Bancorporation (NASDAQ WABC) opened at $62.52 on Friday. The company has a market capitalization of $1,593.12, a P/E ratio of 26.07 and a beta of 1.07. Westamerica Bancorporation has a one year low of $49.38 and a one year high of $64.26.

Westamerica Bancorporation (NASDAQ:WABC) last released its earnings results on Thursday, October 19th. The financial services provider reported $0.57 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.57. The company had revenue of $45.22 million during the quarter. Westamerica Bancorporation had a return on equity of 10.28% and a net margin of 26.26%.

In related news, CFO John A. Thorson sold 12,468 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $58.80, for a total transaction of $733,118.40. Following the sale, the chief financial officer now directly owns 12,468 shares of the company’s stock, valued at approximately $733,118.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Dennis R. Hansen sold 18,400 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $59.34, for a total value of $1,091,856.00. Following the sale, the senior vice president now directly owns 19,421 shares in the company, valued at $1,152,442.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,868 shares of company stock worth $3,340,734. Corporate insiders own 4.90% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. raised its position in shares of Westamerica Bancorporation by 4.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 182,402 shares of the financial services provider’s stock valued at $10,863,000 after acquiring an additional 8,500 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Westamerica Bancorporation during the 3rd quarter valued at approximately $229,000. Wells Fargo & Company MN raised its position in shares of Westamerica Bancorporation by 10.1% during the 3rd quarter. Wells Fargo & Company MN now owns 64,767 shares of the financial services provider’s stock valued at $3,857,000 after acquiring an additional 5,952 shares in the last quarter. Amalgamated Bank acquired a new stake in shares of Westamerica Bancorporation during the 3rd quarter valued at approximately $204,000. Finally, South Dakota Investment Council raised its position in shares of Westamerica Bancorporation by 36.0% during the 3rd quarter. South Dakota Investment Council now owns 29,100 shares of the financial services provider’s stock valued at $1,733,000 after acquiring an additional 7,700 shares in the last quarter. 85.95% of the stock is currently owned by institutional investors and hedge funds.

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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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