Westamerica Bancorporation (NASDAQ:WABC) Upgraded by BidaskClub to Sell

BidaskClub upgraded shares of Westamerica Bancorporation (NASDAQ:WABC) from a strong sell rating to a sell rating in a research report released on Saturday, BidAskClub reports.

Other analysts also recently issued research reports about the company. Maxim Group upgraded Westamerica Bancorporation from a hold rating to a buy rating and set a $65.00 target price for the company in a research report on Tuesday, April 7th. Piper Sandler assumed coverage on Westamerica Bancorporation in a research report on Wednesday, June 24th. They issued a hold rating and a $57.00 target price for the company. Finally, Zacks Investment Research upgraded Westamerica Bancorporation from a sell rating to a hold rating in a research report on Friday, April 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $60.00.

Shares of NASDAQ WABC opened at $55.98 on Friday. Westamerica Bancorporation has a 12 month low of $46.94 and a 12 month high of $69.08. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 19.44 and a beta of 0.68. The business has a 50-day moving average of $56.36 and a 200-day moving average of $61.09.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.63 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.03). Westamerica Bancorporation had a return on equity of 10.93% and a net margin of 37.60%. The business had revenue of $51.20 million for the quarter. As a group, analysts anticipate that Westamerica Bancorporation will post 2.65 EPS for the current year.

A number of hedge funds have recently made changes to their positions in WABC. Amundi Pioneer Asset Management Inc. bought a new stake in Westamerica Bancorporation in the first quarter valued at approximately $136,000. Victory Capital Management Inc. increased its stake in shares of Westamerica Bancorporation by 44.2% during the fourth quarter. Victory Capital Management Inc. now owns 8,195 shares of the financial services provider’s stock valued at $519,000 after buying an additional 2,511 shares during the period. Swiss National Bank increased its stake in shares of Westamerica Bancorporation by 2.2% during the fourth quarter. Swiss National Bank now owns 51,600 shares of the financial services provider’s stock valued at $3,497,000 after buying an additional 1,100 shares during the period. State Street Corp increased its stake in shares of Westamerica Bancorporation by 4.9% during the fourth quarter. State Street Corp now owns 872,513 shares of the financial services provider’s stock valued at $59,130,000 after buying an additional 40,677 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Westamerica Bancorporation by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 207,015 shares of the financial services provider’s stock valued at $14,030,000 after buying an additional 3,484 shares during the period. Hedge funds and other institutional investors own 80.64% of the company’s stock.

About Westamerica Bancorporation

Westamerica Bancorporation provides banking solutions. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. The company's deposits include jumbo deposits and retail time deposits. The company provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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