Westamerica Bancorporation (NASDAQ:WABC) Rating Lowered to Sell at StockNews.com

Westamerica Bancorporation (NASDAQ:WABC) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

Several other equities research analysts have also issued reports on the stock. Maxim Group lowered shares of Westamerica Bancorporation from a “buy” rating to a “hold” rating in a report on Monday, July 22nd. Piper Sandler upped their target price on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $57.00 price target (down previously from $58.00) on shares of Westamerica Bancorporation in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $57.00.

Westamerica Bancorporation Stock Performance

Shares of WABC traded down $0.01 during trading hours on Tuesday, reaching $48.57. 190,271 shares of the company traded hands, compared to its average volume of 138,762. Westamerica Bancorporation has a 1-year low of $41.89 and a 1-year high of $58.49. The stock has a market cap of $1.30 billion, a P/E ratio of 8.20 and a beta of 0.56. The stock’s fifty day moving average is $49.81 and its 200 day moving average is $48.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.23 and a current ratio of 0.25.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data 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. The company had revenue of $79.57 million during the quarter, compared to the consensus estimate of $74.28 million. Westamerica Bancorporation had a return on equity of 20.17% and a net margin of 47.12%. Equities research analysts anticipate that Westamerica Bancorporation will post 5.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Raymond James & Associates grew its holdings in Westamerica Bancorporation by 13.2% during the 4th quarter. Raymond James & Associates now owns 37,395 shares of the financial services provider’s stock worth $2,109,000 after acquiring an additional 4,355 shares during the period. Global Retirement Partners LLC acquired a new position in shares of Westamerica Bancorporation during the 4th quarter worth about $31,000. New York State Teachers Retirement System increased its stake 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 acquiring an additional 4,139 shares during the last quarter. Equitable Trust Co. raised its position 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 acquiring an additional 633 shares during the period. Finally, Louisiana State Employees Retirement System bought a new position in Westamerica Bancorporation during the 4th quarter worth approximately $750,000. Institutional investors own 81.89% of the company’s stock.

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.