Westamerica Bancorporation (NASDAQ:WABC) Stock Rating Upgraded by Zacks Investment Research

Westamerica Bancorporation (NASDAQ:WABCGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage currently has a $68.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 15.00% from the company’s previous close.

According to Zacks, “Westamerica Bancorp. is a bank holding company. The company provides a full range of banking services to individual and corporate customers in Northern and Central California through its subsidiary banks, Westamerica Bank and Bank of Lake County. It also owns Westamerica Commercial Credit, Inc., a company engaged in financing accounts receivable and inventory lines of credit and term business loans and Community Banker Services Corporation, a company engaged in providing the company and its subsidiaries data processing services and other support functions. “

Several other equities analysts have also commented on WABC. Maxim Group reissued a “buy” rating and issued a $75.00 target price on shares of Westamerica Bancorporation in a report on Friday, April 22nd. StockNews.com began coverage on Westamerica Bancorporation in a report on Thursday, March 31st. They issued a “hold” rating on the stock.

Shares of Westamerica Bancorporation stock traded up $0.14 during trading hours on Wednesday, reaching $59.13. 266 shares of the company were exchanged, compared to its average volume of 101,683. Westamerica Bancorporation has a 1 year low of $53.24 and a 1 year high of $65.02. The stock’s fifty day moving average is $60.11 and its 200 day moving average is $58.29. The firm has a market cap of $1.59 billion, a PE ratio of 17.86 and a beta of 0.59.

Westamerica Bancorporation (NASDAQ:WABCGet Rating) last posted its quarterly earnings data on Thursday, April 21st. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.06. Westamerica Bancorporation had a return on equity of 10.65% and a net margin of 40.51%. During the same quarter last year, the company earned $0.75 EPS. As a group, sell-side analysts forecast that Westamerica Bancorporation will post 3.2 earnings per share for the current year.

In other Westamerica Bancorporation news, SVP George S. Ensinger sold 1,000 shares of the company’s stock in a transaction on Thursday, February 3rd. The shares were sold at an average price of $58.60, for a total value of $58,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WABC. Amundi Pioneer Asset Management Inc. acquired a new position in Westamerica Bancorporation in the first quarter valued at $136,000. Morgan Stanley grew its holdings in shares of Westamerica Bancorporation by 18.6% during the second quarter. Morgan Stanley now owns 157,546 shares of the financial services provider’s stock worth $9,142,000 after buying an additional 24,724 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Westamerica Bancorporation by 268.5% during the third quarter. SG Americas Securities LLC now owns 12,006 shares of the financial services provider’s stock worth $675,000 after buying an additional 8,748 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Westamerica Bancorporation by 12.1% during the third quarter. Victory Capital Management Inc. now owns 10,471 shares of the financial services provider’s stock worth $589,000 after buying an additional 1,130 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Westamerica Bancorporation by 39.4% during the third quarter. New York State Common Retirement Fund now owns 134,951 shares of the financial services provider’s stock worth $7,592,000 after buying an additional 38,123 shares during the last quarter. Institutional investors own 81.22% of the company’s stock.

About Westamerica Bancorporation (Get Rating)

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.

Further Reading

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