Westamerica Bancorporation (NASDAQ:WABC) Raised to Hold at StockNews.com

Westamerica Bancorporation (NASDAQ:WABC) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other equities research analysts have also commented on the company. Piper Sandler dropped their price objective on shares of Westamerica Bancorporation from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $57.00 price target (down from $58.00) on shares of Westamerica Bancorporation in a report on Monday, April 22nd.

Westamerica Bancorporation Stock Performance

NASDAQ WABC traded up $1.47 on Wednesday, reaching $49.80. 87,917 shares of the company’s stock traded hands, compared to its average volume of 136,072. Westamerica Bancorporation has a fifty-two week low of $39.84 and a fifty-two week high of $57.96. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 8.41 and a beta of 0.56. The stock has a 50 day moving average price of $48.22 and a 200-day moving average price of $48.56.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.02). Westamerica Bancorporation had a net margin of 48.35% and a return on equity of 21.99%. The company had revenue of $78.84 million during the quarter, compared to analyst estimates of $77.34 million. Equities research analysts predict that Westamerica Bancorporation will post 5.25 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP George S. Ensinger sold 635 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.61, for a total transaction of $30,232.35. Following the completion of the sale, the senior vice president now owns 4,073 shares of the company’s stock, valued at $193,915.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO John A. Thorson sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $47.24, for a total value of $51,964.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP George S. Ensinger sold 635 shares of Westamerica Bancorporation stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $47.61, for a total value of $30,232.35. Following the transaction, the senior vice president now owns 4,073 shares in the company, valued at approximately $193,915.53. The disclosure for this sale can be found here. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its position in Westamerica Bancorporation by 6.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 300,322 shares of the financial services provider’s stock worth $16,941,000 after acquiring an additional 18,297 shares during the period. Leeward Investments LLC MA acquired a new stake in shares of Westamerica Bancorporation during the 4th quarter worth about $9,515,000. Los Angeles Capital Management LLC increased its position in shares of Westamerica Bancorporation by 74.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 46,266 shares of the financial services provider’s stock worth $2,610,000 after purchasing an additional 19,752 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Westamerica Bancorporation by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 782,733 shares of the financial services provider’s stock valued at $44,155,000 after buying an additional 21,547 shares during the period. Finally, Hsbc Holdings PLC acquired a new position in Westamerica Bancorporation in the fourth quarter valued at about $1,874,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.