Keefe, Bruyette & Woods Issues Positive Forecast for Westamerica Bancorporation (NASDAQ:WABC) Stock Price

Westamerica Bancorporation (NASDAQ:WABC) had its target price increased by Keefe, Bruyette & Woods from $53.00 to $55.00 in a report released on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other equities research analysts also recently commented on WABC. Weiss Ratings reissued a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, October 8th. Wall Street Zen upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $52.50.

Westamerica Bancorporation Price Performance

Shares of NASDAQ:WABC opened at $49.86 on Tuesday. Westamerica Bancorporation has a twelve month low of $42.00 and a twelve month high of $53.85. The stock’s 50 day moving average is $48.56 and its 200-day moving average is $48.72. The company has a quick ratio of 0.29, a current ratio of 0.26 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 11.03 and a beta of 0.62.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. The business had revenue of $63.55 million during the quarter, compared to analyst estimates of $61.90 million. Sell-side analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation announced that its Board of Directors has approved a share buyback program on Thursday, December 18th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 0.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Westamerica Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Monday, November 3rd were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, November 3rd. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 40.71%.

Institutional Investors Weigh In On Westamerica Bancorporation

Several large investors have recently made changes to their positions in WABC. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Westamerica Bancorporation by 25.4% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 10,602 shares of the financial services provider’s stock worth $507,000 after buying an additional 2,148 shares during the last quarter. SG Americas Securities LLC boosted its stake in Westamerica Bancorporation by 87.4% in the fourth quarter. SG Americas Securities LLC now owns 32,499 shares of the financial services provider’s stock valued at $1,554,000 after acquiring an additional 15,157 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Westamerica Bancorporation by 16.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,653 shares of the financial services provider’s stock valued at $662,000 after acquiring an additional 1,945 shares during the last quarter. JPMorgan Chase & Co. grew its position 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 acquiring an additional 29,964 shares during the period. Finally, Tudor Investment Corp ET AL increased its stake in shares of Westamerica Bancorporation by 4.1% during the 3rd quarter. Tudor Investment Corp ET AL now owns 47,476 shares of the financial services provider’s stock worth $2,373,000 after purchasing an additional 1,862 shares during the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

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.