Westamerica Bancorporation (NASDAQ:WABC) Rating Increased to Hold at Wall Street Zen

Westamerica Bancorporation (NASDAQ:WABC) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Several other analysts also recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a report on Friday. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $64.00.

Westamerica Bancorporation Price Performance

NASDAQ WABC opened at $61.36 on Friday. The firm has a market cap of $1.44 billion, a P/E ratio of 13.52 and a beta of 0.56. The stock’s 50-day moving average is $57.19 and its 200-day moving average is $53.48. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $63.61.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a return on equity of 12.10% and a net margin of 41.71%.The business had revenue of $62.77 million for the quarter, compared to analysts’ expectations of $61.60 million. During the same quarter in the previous year, the business posted $1.12 EPS.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the firm’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Westamerica Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of WABC. Royal Bank of Canada boosted its position in Westamerica Bancorporation by 6.8% during the first quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 1,183 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Westamerica Bancorporation by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 642 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Westamerica Bancorporation during the 1st quarter worth approximately $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Westamerica Bancorporation by 9.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock worth $3,243,000 after purchasing an additional 5,293 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Westamerica Bancorporation by 815.8% during the 1st quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock worth $3,416,000 after purchasing an additional 60,102 shares in the last quarter. Institutional investors own 81.89% of the company’s stock.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.