Westamerica Bancorporation (WABC) Raised to Hold at BidaskClub

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

A number of other equities analysts also recently weighed in on the company. BMO Capital Markets restated a “sell” rating and issued a $50.00 target price on shares of Westamerica Bancorporation in a research note on Wednesday, January 24th. Maxim Group restated a “hold” rating on shares of Westamerica Bancorporation in a research note on Friday, January 19th. Sandler O’Neill restated a “sell” rating and issued a $54.00 target price on shares of Westamerica Bancorporation in a research note on Thursday, January 4th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $58.00 target price on shares of Westamerica Bancorporation in a research note on Friday, December 22nd. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. Westamerica Bancorporation has a consensus rating of “Hold” and a consensus target price of $54.00.

Shares of Westamerica Bancorporation (NASDAQ WABC) traded up $1.41 during midday trading on Thursday, hitting $57.13. The stock had a trading volume of 109,123 shares, compared to its average volume of 100,669. Westamerica Bancorporation has a 12-month low of $49.38 and a 12-month high of $64.26. The stock has a market cap of $1,509.66, a P/E ratio of 30.07 and a beta of 1.01.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, January 18th. The financial services provider reported $0.58 earnings per share for the quarter. Westamerica Bancorporation had a return on equity of 10.30% and a net margin of 26.26%. The firm had revenue of $54.03 million for the quarter.

In other Westamerica Bancorporation news, Director Edward B. Sylvester sold 5,000 shares of the business’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $60.93, for a total transaction of $304,650.00. Following the sale, the director now owns 67,490 shares of the company’s stock, valued at approximately $4,112,165.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James J. Schneck sold 47,200 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $58.79, for a total transaction of $2,774,888.00. Following the completion of the transaction, the vice president now directly owns 6,025 shares in the company, valued at approximately $354,209.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,000 shares of company stock worth $3,628,482. 4.90% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. increased its holdings in shares of Westamerica Bancorporation by 33.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 16,062 shares of the financial services provider’s stock worth $956,000 after purchasing an additional 4,027 shares during the period. BlackRock Inc. increased its holdings in shares of Westamerica Bancorporation by 2.8% in the fourth quarter. BlackRock Inc. now owns 3,396,214 shares of the financial services provider’s stock worth $202,245,000 after purchasing an additional 91,055 shares during the period. Schroder Investment Management Group increased its holdings in shares of Westamerica Bancorporation by 1.3% in the fourth quarter. Schroder Investment Management Group now owns 901,832 shares of the financial services provider’s stock worth $53,704,000 after purchasing an additional 11,460 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Westamerica Bancorporation by 4.1% in the fourth quarter. Bank of New York Mellon Corp now owns 595,041 shares of the financial services provider’s stock worth $35,433,000 after purchasing an additional 23,521 shares during the period. Finally, Rhumbline Advisers increased its holdings in shares of Westamerica Bancorporation by 11.7% in the fourth quarter. Rhumbline Advisers now owns 74,002 shares of the financial services provider’s stock worth $4,407,000 after purchasing an additional 7,762 shares during the period. 85.10% of the stock is currently owned by hedge funds and other institutional investors.

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Westamerica Bancorporation Company Profile

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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