Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Westamerica Bancorporation (NASDAQ:WABC) Stock

Westamerica Bancorporation (NASDAQ:WABC) had its price target lifted by research analysts at Keefe, Bruyette & Woods from $60.00 to $64.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 4.30% from the company’s current price.

Separately, Weiss Ratings raised shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Westamerica Bancorporation presently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

Westamerica Bancorporation Trading Down 1.8%

NASDAQ WABC opened at $61.36 on Friday. Westamerica Bancorporation has a 12-month low of $44.93 and a 12-month high of $63.61. The firm has a market capitalization of $1.44 billion, a P/E ratio of 13.52 and a beta of 0.56. The firm’s fifty day simple moving average is $57.19 and its two-hundred day simple moving average is $53.48.

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

Insiders Place Their Bets

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in shares of Westamerica Bancorporation by 43.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 98,266 shares of the financial services provider’s stock valued at $4,912,000 after buying an additional 29,964 shares during the period. SG Americas Securities LLC increased its holdings in shares of Westamerica Bancorporation by 87.4% during the 4th quarter. SG Americas Securities LLC now owns 32,499 shares of the financial services provider’s stock worth $1,554,000 after buying an additional 15,157 shares during the last quarter. UBS Group AG raised its position in shares of Westamerica Bancorporation by 279.4% in the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock worth $21,868,000 after buying an additional 336,714 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Westamerica Bancorporation in the 1st quarter worth $1,835,000. Finally, WINTON GROUP Ltd boosted its holdings in Westamerica Bancorporation by 92.1% in the fourth quarter. WINTON GROUP Ltd now owns 46,347 shares of the financial services provider’s stock valued at $2,217,000 after acquiring an additional 22,224 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

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.