BidaskClub Upgrades Westamerica Bancorporation (WABC) to Hold

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

Other equities analysts also recently issued reports about the company. BMO Capital Markets reiterated a sell rating and issued a $50.00 price target on shares of Westamerica Bancorporation in a research note on Wednesday, January 24th. Maxim Group reissued a hold rating on shares of Westamerica Bancorporation in a report on Friday, January 19th. Sandler O’Neill reaffirmed a sell rating and set a $54.00 price target on shares of Westamerica Bancorporation in a report on Thursday, January 4th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $58.00 target price on shares of Westamerica Bancorporation in a report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock has a consensus rating of Hold and an average target price of $54.00.

Shares of Westamerica Bancorporation (NASDAQ WABC) traded up $0.37 during trading hours on Thursday, reaching $56.09. The company’s stock had a trading volume of 36,363 shares, compared to its average volume of 94,670. Westamerica Bancorporation has a 52-week low of $49.38 and a 52-week high of $64.26. The firm has a market cap of $1,523.14, a PE ratio of 24.84 and a beta of 1.01.

Westamerica Bancorporation (NASDAQ:WABC) last issued its earnings results on Thursday, January 18th. The financial services provider reported $0.58 earnings per share for the quarter. Westamerica Bancorporation had a return on equity of 10.30% and a net margin of 26.26%. The business had revenue of $54.03 million for the quarter.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Monday, February 5th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Friday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is 84.21%.

In related news, VP James J. Schneck sold 47,200 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $58.79, for a total value of $2,774,888.00. Following the sale, the vice president now owns 6,025 shares of the company’s stock, valued at $354,209.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John A. Thorson sold 8,800 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $62.38, for a total transaction of $548,944.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,000 shares of company stock valued at $3,628,482. Company insiders own 4.90% of the company’s stock.

Several hedge funds have recently made changes to their positions in WABC. Wells Fargo & Company MN lifted its position in shares of Westamerica Bancorporation by 16.6% during the second quarter. Wells Fargo & Company MN now owns 58,815 shares of the financial services provider’s stock worth $3,296,000 after purchasing an additional 8,379 shares in the last quarter. TIAA CREF Investment Management LLC lifted its position in shares of Westamerica Bancorporation by 2.0% during the second quarter. TIAA CREF Investment Management LLC now owns 82,750 shares of the financial services provider’s stock worth $4,637,000 after purchasing an additional 1,634 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Westamerica Bancorporation by 7.2% during the second quarter. New York State Common Retirement Fund now owns 28,300 shares of the financial services provider’s stock worth $1,586,000 after purchasing an additional 1,899 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of Westamerica Bancorporation by 19.2% during the second quarter. UBS Asset Management Americas Inc. now owns 12,035 shares of the financial services provider’s stock worth $674,000 after purchasing an additional 1,941 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Westamerica Bancorporation by 3.2% during the second quarter. Northern Trust Corp now owns 439,225 shares of the financial services provider’s stock worth $24,614,000 after purchasing an additional 13,810 shares in the last quarter. Institutional investors own 85.10% of the company’s stock.

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About Westamerica Bancorporation

Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.

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