Westamerica Bancorporation (NASDAQ:WABC) Upgraded to “Sell” by BidaskClub

BidaskClub upgraded shares of Westamerica Bancorporation (NASDAQ:WABC) from a strong sell rating to a sell rating in a research note issued to investors on Saturday, BidAskClub reports.

Several other analysts have also recently issued reports on the company. Zacks Investment Research upgraded Westamerica Bancorporation from a sell rating to a hold rating in a research report on Friday, April 10th. Maxim Group upgraded Westamerica Bancorporation from a hold rating to a buy rating and set a $65.00 price target for the company in a report on Tuesday, April 7th. Finally, Piper Sandler initiated coverage on Westamerica Bancorporation in a report on Wednesday, June 24th. They set a hold rating and a $57.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Westamerica Bancorporation presently has an average rating of Hold and a consensus target price of $60.00.

NASDAQ:WABC opened at $55.98 on Friday. Westamerica Bancorporation has a 12-month low of $46.94 and a 12-month high of $69.08. The stock has a 50-day moving average price of $56.36 and a 200 day moving average price of $61.09. The stock has a market capitalization of $1.49 billion, a P/E ratio of 19.44 and a beta of 0.68.

Westamerica Bancorporation (NASDAQ:WABC) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.03). Westamerica Bancorporation had a return on equity of 10.93% and a net margin of 37.60%. The business had revenue of $51.20 million for the quarter. Research analysts predict that Westamerica Bancorporation will post 2.65 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WABC. State Street Corp lifted its stake in shares of Westamerica Bancorporation by 5.3% in the 1st quarter. State Street Corp now owns 918,433 shares of the financial services provider’s stock valued at $53,985,000 after purchasing an additional 45,920 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Westamerica Bancorporation by 124.6% in the 1st quarter. Royal Bank of Canada now owns 12,922 shares of the financial services provider’s stock valued at $760,000 after purchasing an additional 7,169 shares during the last quarter. Advisor Group Holdings Inc. bought a new stake in shares of Westamerica Bancorporation in the 1st quarter valued at approximately $180,000. Clifford Capital Partners LLC lifted its stake in shares of Westamerica Bancorporation by 1.8% in the 1st quarter. Clifford Capital Partners LLC now owns 112,977 shares of the financial services provider’s stock valued at $6,641,000 after purchasing an additional 1,947 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Westamerica Bancorporation by 34.8% in the 1st quarter. Thrivent Financial for Lutherans now owns 29,031 shares of the financial services provider’s stock valued at $1,706,000 after purchasing an additional 7,488 shares during the last quarter. Institutional investors and hedge funds own 80.64% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation provides banking solutions. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. The company's deposits include jumbo deposits and retail time deposits. The company provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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