Keefe, Bruyette & Woods Cuts Westamerica Bancorporation (NASDAQ:WABC) Price Target to $54.00

Westamerica Bancorporation (NASDAQ:WABC - Free Report) had its target price decreased by Keefe, Bruyette & Woods from $55.00 to $54.00 in a report issued on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider's stock.

A number of other equities research analysts also recently issued reports on WABC. Piper Sandler reduced their price target on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Wall Street Zen raised shares of Westamerica Bancorporation from a "sell" rating to a "hold" rating in a research note on Friday, June 27th.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ WABC traded down $0.50 during midday trading on Monday, reaching $49.53. 48,746 shares of the company were exchanged, compared to its average volume of 152,779. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.11. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year high of $59.97. The stock has a fifty day simple moving average of $49.04 and a 200 day simple moving average of $49.44. The stock has a market cap of $1.30 billion, a P/E ratio of 10.36 and a beta of 0.64.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.01. The firm had revenue of $64.88 million during the quarter, compared to the consensus estimate of $65.80 million. Westamerica Bancorporation had a net margin of 43.69% and a return on equity of 13.81%. On average, research analysts forecast that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP John A. Thorson sold 2,243 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $48.57, for a total transaction of $108,942.51. Following the completion of the sale, the senior vice president directly owned 11,591 shares of the company's stock, valued at $562,974.87. The trade was a 16.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Westamerica Bancorporation

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen LLC acquired a new position in Westamerica Bancorporation in the 1st quarter worth $17,023,000. GAMMA Investing LLC lifted its holdings in Westamerica Bancorporation by 4,946.6% in the 1st quarter. GAMMA Investing LLC now owns 109,310 shares of the financial services provider's stock worth $5,534,000 after buying an additional 107,144 shares in the last quarter. Invenomic Capital Management LP acquired a new position in Westamerica Bancorporation in the 4th quarter worth $5,437,000. American Century Companies Inc. lifted its holdings in Westamerica Bancorporation by 4.9% in the 1st quarter. American Century Companies Inc. now owns 1,847,338 shares of the financial services provider's stock worth $93,531,000 after buying an additional 86,850 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Westamerica Bancorporation in the 4th quarter worth $3,647,000. Institutional investors and hedge funds own 81.89% of the company's stock.

About Westamerica Bancorporation

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.