Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Westamerica Bancorporation (NASDAQ:WABC) Stock

Key Points

• Keefe, Bruyette & Woods raised Westamerica Bancorporation’s price target from $64 to $65 while maintaining a “market perform” rating, implying approximately 6% upside. Analysts collectively hold a “Moderate Buy” consensus with a $65 average target.
• Westamerica exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.17 consensus and revenue of $64.05 million versus $63.10 million expected. Net margin was 41.71% and return on equity was 12.31%.
• Institutional investors and hedge funds own 81.89% of the company, with several firms recently increasing their stakes or initiating positions.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) had its price target lifted by investment analysts at Keefe, Bruyette & Woods from $64.00 to $65.00 in a report issued on Friday, Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 6.00% from the company's current price.

A number of other research firms have also weighed in on WABC. Wall Street Zen upgraded shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Weiss Ratings raised shares of Westamerica Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

Westamerica Bancorporation Stock Performance

NASDAQ WABC traded up $0.42 during trading on Friday, reaching $61.32. The company's stock had a trading volume of 114,105 shares, compared to its average volume of 190,503. The business's fifty day moving average price is $59.07 and its 200-day moving average price is $57.47. Westamerica Bancorporation has a twelve month low of $45.74 and a twelve month high of $63.61. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 13.49 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.05. The company had revenue of $64.05 million during the quarter, compared to analysts' expectations of $63.10 million. Westamerica Bancorporation had a return on equity of 12.31% and a net margin of 41.71%. During the same period last year, the firm earned $1.12 EPS.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in WABC. Bessemer Group Inc. increased its holdings in Westamerica Bancorporation by 42.6% during the 1st quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 190 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Westamerica Bancorporation during the 2nd quarter worth approximately $44,000. Fortitude Family Office LLC lifted its stake in Westamerica Bancorporation by 740.4% in the 3rd quarter. Fortitude Family Office LLC now owns 832 shares of the financial services provider's stock valued at $49,000 after buying an additional 733 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Westamerica Bancorporation in the 2nd quarter valued at approximately $59,000. Finally, PNC Financial Services Group Inc. lifted its stake in Westamerica Bancorporation by 57.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,660 shares of the financial services provider's stock valued at $87,000 after buying an additional 605 shares in the last quarter. Institutional investors and hedge funds own 81.89% of the company's stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation is a bank holding company headquartered in San Rafael, California. Its principal subsidiary, Westamerica Bank, is a community bank serving individuals, businesses, nonprofit organizations and public entities in Northern and Central California.

Westamerica Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, commercial and consumer loans, residential and commercial real estate financing, and lines of credit.

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