Westamerica Bancorporation (NASDAQ:WABC) Price Target Cut to $55.00 by Analysts at Keefe, Bruyette & Woods

Westamerica Bancorporation (NASDAQ:WABC) had its price objective reduced by Keefe, Bruyette & Woods from $58.00 to $55.00 in a research note released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Separately, Piper Sandler dropped their price objective on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a “neutral” rating for the company in a report on Monday.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ WABC opened at $45.90 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.27 and a quick ratio of 0.26. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 8.83 and a beta of 0.63. The stock’s fifty day moving average price is $49.00 and its two-hundred day moving average price is $51.64. Westamerica Bancorporation has a one year low of $42.00 and a one year high of $59.97.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.07. Westamerica Bancorporation had a net margin of 44.55% and a return on equity of 16.15%. The business had revenue of $66.71 million for the quarter, compared to analyst estimates of $66.47 million. On average, equities analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were issued a $0.44 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $1.76 annualized dividend and a yield of 3.83%. Westamerica Bancorporation’s payout ratio is currently 35.27%.

Institutional Investors Weigh In On Westamerica Bancorporation

Hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC grew its position in Westamerica Bancorporation by 20.6% in the 3rd quarter. Jane Street Group LLC now owns 42,717 shares of the financial services provider’s stock valued at $2,111,000 after purchasing an additional 7,285 shares during the period. Barclays PLC lifted its stake in shares of Westamerica Bancorporation by 103.8% in the third quarter. Barclays PLC now owns 52,755 shares of the financial services provider’s stock valued at $2,606,000 after buying an additional 26,871 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Westamerica Bancorporation by 4.1% during the third quarter. Geode Capital Management LLC now owns 735,439 shares of the financial services provider’s stock valued at $36,352,000 after buying an additional 28,902 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Westamerica Bancorporation by 68.0% during the third quarter. JPMorgan Chase & Co. now owns 81,459 shares of the financial services provider’s stock worth $4,026,000 after acquiring an additional 32,981 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Westamerica Bancorporation by 14.1% in the 4th quarter. GAMMA Investing LLC now owns 2,166 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 268 shares during the last quarter. Institutional investors own 81.89% of the company’s stock.

About Westamerica Bancorporation

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.