Westamerica Bancorporation (NASDAQ:WABC) Raised to “Hold” at Wall Street Zen

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

Several other brokerages have also recently commented on WABC. Keefe, Bruyette & Woods lifted their price target on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a “market perform” rating in a research report on Friday. Weiss Ratings raised shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.00.

Westamerica Bancorporation Stock Down 1.8%

Shares of WABC stock opened at $61.36 on Friday. The stock has a 50-day moving average price of $57.19 and a 200 day moving average price of $53.48. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 13.52 and a beta of 0.56. Westamerica Bancorporation has a 12 month low of $44.93 and a 12 month high of $63.61.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a return on equity of 12.10% and a net margin of 41.71%.The firm had revenue of $62.77 million during the quarter, compared to analysts’ expectations of $61.60 million. During the same period in the previous year, the business posted $1.12 EPS.

Insider Transactions at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of the firm’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Westamerica Bancorporation

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in Westamerica Bancorporation by 6.8% during the first quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 1,183 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Westamerica Bancorporation by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 642 shares during the period. Jones Financial Companies Lllp acquired a new stake in Westamerica Bancorporation in the first quarter worth $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Westamerica Bancorporation by 9.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock worth $3,243,000 after purchasing an additional 5,293 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Westamerica Bancorporation by 815.8% during the first quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock worth $3,416,000 after purchasing an additional 60,102 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors and hedge funds.

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.