Westamerica Bancorporation (NASDAQ:WABC) Downgraded to Sell Rating by Wall Street Zen

Westamerica Bancorporation (NASDAQ:WABC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other analysts have also recently weighed in on WABC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their price target on Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $52.50.

Westamerica Bancorporation Stock Performance

NASDAQ:WABC opened at $52.21 on Friday. 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’s fifty day simple moving average is $49.78 and its 200 day simple moving average is $48.85. The stock has a market cap of $1.30 billion, a P/E ratio of 11.55 and a beta of 0.62. Westamerica Bancorporation has a twelve month low of $42.00 and a twelve month high of $53.36.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, January 15th. The financial services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.07 by $0.05. The firm had revenue of $66.05 million during the quarter, compared to analysts’ expectations of $61.90 million. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. As a group, research analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation announced that its board has authorized a share repurchase plan on Thursday, December 18th that permits the company to buyback $2.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 0.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Westamerica Bancorporation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WABC. American Century Companies Inc. lifted its holdings in Westamerica Bancorporation by 9.3% in the second quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock valued at $97,816,000 after acquiring an additional 171,991 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Westamerica Bancorporation by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 897,572 shares of the financial services provider’s stock valued at $42,932,000 after purchasing an additional 3,378 shares during the last quarter. UBS Group AG lifted its stake in shares of Westamerica Bancorporation by 279.4% in the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock worth $21,868,000 after purchasing an additional 336,714 shares during the period. Millennium Management LLC boosted its holdings in shares of Westamerica Bancorporation by 101.3% in the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock worth $19,956,000 after buying an additional 200,884 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Westamerica Bancorporation by 87.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after buying an additional 144,405 shares during the period. 81.89% of the stock is owned by 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.