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Westamerica Bancorporation (NASDAQ:WABC) Rating Lowered to Strong Sell at BidaskClub

Wednesday, September 16, 2020 | MarketBeat

Westamerica Bancorporation (NASDAQ:WABC) was downgraded by investment analysts at BidaskClub from a "sell" rating to a "strong sell" rating in a research note issued to investors on Wednesday, BidAskClub reports.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research upgraded Westamerica Bancorporation from a "hold" rating to a "buy" rating and set a $68.00 price target on the stock in a research note on Friday, August 28th. Piper Sandler boosted their price target on Westamerica Bancorporation from $57.00 to $58.00 and gave the company a "neutral" rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of "Hold" and a consensus price target of $62.25.

Shares of Westamerica Bancorporation stock opened at $56.25 on Wednesday. The company has a market capitalization of $1.51 billion, a PE ratio of 19.60 and a beta of 0.67. The company has a 50-day simple moving average of $60.77 and a two-hundred day simple moving average of $58.36. Westamerica Bancorporation has a one year low of $46.94 and a one year high of $69.08.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, July 16th. The financial services provider reported $0.72 EPS for the quarter, topping the Zacks' consensus estimate of $0.65 by $0.07. Westamerica Bancorporation had a net margin of 37.72% and a return on equity of 10.50%. The business had revenue of $50.66 million during the quarter, compared to the consensus estimate of $49.21 million. On average, equities research analysts predict that Westamerica Bancorporation will post 2.8 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in WABC. Federated Hermes Inc. purchased a new stake in Westamerica Bancorporation during the first quarter valued at about $47,000. Macquarie Group Ltd. purchased a new stake in Westamerica Bancorporation during the second quarter valued at about $53,000. Mutual of America Capital Management LLC grew its position in Westamerica Bancorporation by 22.7% during the first quarter. Mutual of America Capital Management LLC now owns 1,184 shares of the financial services provider's stock valued at $70,000 after acquiring an additional 219 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Westamerica Bancorporation in the first quarter worth about $136,000. Finally, Advisor Group Holdings Inc. purchased a new stake in shares of Westamerica Bancorporation in the first quarter worth about $180,000. Hedge funds and other institutional investors own 77.44% of the company's stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation provides banking solutions. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. The company's deposits include jumbo deposits and retail time deposits. The company provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases.

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