Westamerica Bancorporation (NASDAQ:WABC) Lowered to Hold at Maxim Group

Maxim Group lowered shares of Westamerica Bancorporation (NASDAQ:WABC) from a buy rating to a hold rating in a research note released on Monday morning, Marketbeat Ratings reports.

A number of other equities research analysts have also recently weighed in on WABC. StockNews.com upgraded shares of Westamerica Bancorporation from a sell rating to a hold rating in a research report on Friday, July 19th. Piper Sandler lifted their target price on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a neutral rating in a report on Friday, July 19th. Finally, Keefe, Bruyette & Woods restated a market perform rating and set a $57.00 price target (down from $58.00) on shares of Westamerica Bancorporation in a research note on Monday, April 22nd. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $57.00.

Westamerica Bancorporation Trading Up 3.3 %

WABC opened at $55.58 on Monday. The stock has a market capitalization of $1.48 billion, a PE ratio of 9.39 and a beta of 0.56. Westamerica Bancorporation has a one year low of $41.89 and a one year high of $58.49. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.23 and a current ratio of 0.25. The business’s 50 day moving average price is $49.30 and its 200 day moving average price is $48.48.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.30 by $0.03. The business had revenue of $79.57 million for the quarter, compared to analyst estimates of $74.28 million. Westamerica Bancorporation had a return on equity of 20.17% and a net margin of 47.12%. As a group, equities research analysts expect that Westamerica Bancorporation will post 5.2 EPS for the current year.

Insider Activity

In related news, SVP George S. Ensinger sold 635 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $47.61, for a total transaction of $30,232.35. Following the sale, the senior vice president now directly owns 4,073 shares of the company’s stock, valued at approximately $193,915.53. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of WABC. Raymond James & Associates boosted its stake in shares of Westamerica Bancorporation by 13.2% in the 4th quarter. Raymond James & Associates now owns 37,395 shares of the financial services provider’s stock valued at $2,109,000 after buying an additional 4,355 shares during the period. Global Retirement Partners LLC acquired a new position in Westamerica Bancorporation during the 4th quarter worth approximately $31,000. New York State Teachers Retirement System increased its position in shares of Westamerica Bancorporation by 11.3% in the 4th quarter. New York State Teachers Retirement System now owns 40,661 shares of the financial services provider’s stock valued at $2,294,000 after purchasing an additional 4,139 shares during the last quarter. Equitable Trust Co. raised its holdings in shares of Westamerica Bancorporation by 7.0% in the 4th quarter. Equitable Trust Co. now owns 9,646 shares of the financial services provider’s stock valued at $544,000 after purchasing an additional 633 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of Westamerica Bancorporation during the 4th quarter worth $750,000. 81.89% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

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.