Westamerica Bancorporation (NASDAQ:WABC) Downgraded by StockNews.com

StockNews.com cut shares of Westamerica Bancorporation (NASDAQ:WABC) from a hold rating to a sell rating in a research report released on Friday.

Several other equities research analysts have also issued reports on the stock. Keefe, Bruyette & Woods restated a market perform rating and issued a $57.00 target price (down previously from $58.00) on shares of Westamerica Bancorporation in a report on Monday, April 22nd. Piper Sandler lowered their target price on shares of Westamerica Bancorporation from $51.00 to $50.00 and set a neutral rating for the company in a report on Friday, April 19th.

Westamerica Bancorporation Price Performance

WABC stock opened at $48.53 on Friday. Westamerica Bancorporation has a 52 week low of $38.10 and a 52 week high of $57.96. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $48.06 and a two-hundred day simple moving average of $48.94. The firm has a market capitalization of $1.29 billion, a P/E ratio of 8.20 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its earnings results on Thursday, April 25th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.02). The firm had revenue of $78.84 million during the quarter, compared to the consensus estimate of $77.34 million. Westamerica Bancorporation had a return on equity of 21.99% and a net margin of 48.35%. Analysts anticipate that Westamerica Bancorporation will post 5.25 earnings per share for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.76 dividend on an annualized basis and a yield of 3.63%. Westamerica Bancorporation’s payout ratio is 29.73%.

Insider Activity at Westamerica Bancorporation

In related news, SVP George S. Ensinger sold 635 shares of Westamerica Bancorporation stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.61, for a total transaction of $30,232.35. Following the completion of the sale, the senior vice president now owns 4,073 shares in the company, valued at approximately $193,915.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Westamerica Bancorporation news, CFO John A. Thorson sold 1,100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $47.24, for a total transaction of $51,964.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP George S. Ensinger sold 635 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.61, for a total transaction of $30,232.35. Following the transaction, the senior vice president now directly owns 4,073 shares in the company, valued at approximately $193,915.53. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of Westamerica Bancorporation by 6.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 300,322 shares of the financial services provider’s stock worth $16,941,000 after buying an additional 18,297 shares during the last quarter. Leeward Investments LLC MA purchased a new stake in Westamerica Bancorporation during the 4th quarter worth approximately $9,515,000. Los Angeles Capital Management LLC grew its position in Westamerica Bancorporation by 74.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 46,266 shares of the financial services provider’s stock worth $2,610,000 after purchasing an additional 19,752 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Westamerica Bancorporation by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 782,733 shares of the financial services provider’s stock worth $44,155,000 after purchasing an additional 21,547 shares during the last quarter. Finally, Kennedy Capital Management LLC purchased a new stake in Westamerica Bancorporation during the 3rd quarter worth approximately $2,990,000. Hedge funds and other 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.