Westamerica Bancorporation (NASDAQ:WABC) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Westamerica Bancorporation (NASDAQ:WABC) from a sell rating to a hold rating in a research report report published on Wednesday.

WABC has been the topic of several other reports. Keefe, Bruyette & Woods reissued a market perform rating and set a $57.00 target price (down from $58.00) on shares of Westamerica Bancorporation in a report on Monday, April 22nd. Maxim Group lowered Westamerica Bancorporation from a buy rating to a hold rating in a report on Monday, July 22nd. Finally, Piper Sandler upped their price objective on Westamerica Bancorporation from $50.00 to $57.00 and gave the stock a neutral rating in a research report on Friday, July 19th. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Westamerica Bancorporation presently has a consensus rating of Hold and an average target price of $57.00.

Westamerica Bancorporation Stock Up 3.2 %

Shares of NASDAQ:WABC traded up $1.53 during midday trading on Wednesday, reaching $49.77. The company had a trading volume of 31,028 shares, compared to its average volume of 137,660. The business’s 50 day moving average price is $49.90 and its 200 day moving average price is $48.30. Westamerica Bancorporation has a 1-year low of $41.89 and a 1-year high of $58.49. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.37. The stock has a market cap of $1.33 billion, a PE ratio of 8.15 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Westamerica Bancorporation had a return on equity of 20.17% and a net margin of 47.12%. The business had revenue of $79.57 million during the quarter, compared to analysts’ expectations of $74.28 million. Research analysts forecast that Westamerica Bancorporation will post 5.2 EPS for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Monday, August 5th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.76 annualized dividend and a yield of 3.54%. Westamerica Bancorporation’s dividend payout ratio is currently 29.73%.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of hedge funds have recently added to or reduced their stakes in WABC. Louisiana State Employees Retirement System boosted its position in shares of Westamerica Bancorporation by 1.5% during the second quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the financial services provider’s stock valued at $650,000 after buying an additional 200 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Westamerica Bancorporation by 5.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 4,178 shares of the financial services provider’s stock valued at $204,000 after buying an additional 221 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Westamerica Bancorporation by 13.8% during the second quarter. GAMMA Investing LLC now owns 1,862 shares of the financial services provider’s stock valued at $90,000 after buying an additional 226 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Westamerica Bancorporation by 1.8% during the second quarter. SummerHaven Investment Management LLC now owns 17,948 shares of the financial services provider’s stock valued at $871,000 after buying an additional 318 shares during the last quarter. Finally, Texas Permanent School Fund Corp lifted its holdings in Westamerica Bancorporation by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 23,342 shares of the financial services provider’s stock worth $1,141,000 after acquiring an additional 321 shares during the period. Institutional investors and hedge funds 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.