Westamerica Bancorporation (WABC) Upgraded to “Hold” by BidaskClub

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

Several other research analysts have also weighed in on WABC. Maxim Group reissued a hold rating on shares of Westamerica Bancorporation in a research report on Monday, July 23rd. BMO Capital Markets dropped their price target on Westamerica Bancorporation from $50.00 to $47.00 and set an underperform rating on the stock in a research report on Thursday, October 25th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $53.67.

NASDAQ:WABC opened at $58.29 on Friday. The firm has a market cap of $1.53 billion, a P/E ratio of 22.52 and a beta of 1.05. Westamerica Bancorporation has a 1-year low of $53.26 and a 1-year high of $64.76.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, October 18th. The financial services provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.06). The business had revenue of $48.25 million for the quarter. Westamerica Bancorporation had a net margin of 28.75% and a return on equity of 11.54%.

Westamerica Bancorporation declared that its Board of Directors has authorized a stock repurchase program on Thursday, July 26th that permits the company to repurchase 1,750,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Monday, November 5th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Friday, November 2nd.

A number of hedge funds have recently modified their holdings of WABC. Schroder Investment Management Group increased its position in Westamerica Bancorporation by 47.5% in the 2nd quarter. Schroder Investment Management Group now owns 1,213,902 shares of the financial services provider’s stock worth $64,543,000 after purchasing an additional 391,084 shares during the last quarter. BlackRock Inc. increased its position in Westamerica Bancorporation by 7.1% in the 2nd quarter. BlackRock Inc. now owns 3,703,806 shares of the financial services provider’s stock worth $209,303,000 after purchasing an additional 246,862 shares during the last quarter. Russell Investments Group Ltd. increased its position in Westamerica Bancorporation by 68.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 223,632 shares of the financial services provider’s stock worth $12,642,000 after purchasing an additional 90,852 shares during the last quarter. Deprince Race & Zollo Inc. increased its position in Westamerica Bancorporation by 11.7% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 550,391 shares of the financial services provider’s stock worth $31,103,000 after purchasing an additional 57,765 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Westamerica Bancorporation by 14.2% in the 2nd quarter. Victory Capital Management Inc. now owns 459,322 shares of the financial services provider’s stock worth $25,957,000 after purchasing an additional 57,289 shares during the last quarter. 87.04% of the stock is currently owned by institutional investors.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for 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 to local businesses and professionals.

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