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AAPL   111.20 (-4.63%)
MSFT   202.68 (-4.96%)
FB   267.67 (-5.51%)
GOOGL   1,510.80 (-5.51%)
AMZN   3,162.78 (-3.76%)
TSLA   406.02 (-4.39%)
NVDA   505.08 (-5.75%)
BABA   307.94 (-2.90%)
CGC   18.34 (-1.71%)
GE   7.42 (+4.51%)
MU   50.00 (-3.77%)
AMD   76.40 (-3.14%)
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NIO   27.51 (-3.27%)
BA   148.14 (-4.57%)
DIS   118.47 (-3.93%)
S&P 500   3,271.03 (-3.53%)
DOW   26,519.95 (-3.43%)
QQQ   271.64 (-3.90%)
AAPL   111.20 (-4.63%)
MSFT   202.68 (-4.96%)
FB   267.67 (-5.51%)
GOOGL   1,510.80 (-5.51%)
AMZN   3,162.78 (-3.76%)
TSLA   406.02 (-4.39%)
NVDA   505.08 (-5.75%)
BABA   307.94 (-2.90%)
CGC   18.34 (-1.71%)
GE   7.42 (+4.51%)
MU   50.00 (-3.77%)
AMD   76.40 (-3.14%)
T   26.50 (-1.56%)
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ACB   3.83 (-4.25%)
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QQQ   271.64 (-3.90%)
AAPL   111.20 (-4.63%)
MSFT   202.68 (-4.96%)
FB   267.67 (-5.51%)
GOOGL   1,510.80 (-5.51%)
AMZN   3,162.78 (-3.76%)
TSLA   406.02 (-4.39%)
NVDA   505.08 (-5.75%)
BABA   307.94 (-2.90%)
CGC   18.34 (-1.71%)
GE   7.42 (+4.51%)
MU   50.00 (-3.77%)
AMD   76.40 (-3.14%)
T   26.50 (-1.56%)
F   7.70 (-2.78%)
ACB   3.83 (-4.25%)
GILD   58.72 (-2.15%)
NFLX   486.24 (-0.55%)
NIO   27.51 (-3.27%)
BA   148.14 (-4.57%)
DIS   118.47 (-3.93%)
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Zacks Investment Research Upgrades Westamerica Bancorporation (NASDAQ:WABC) to "Buy"

Last updated on Wednesday, October 28, 2020 | 2020 MarketBeat

Westamerica Bancorporation (NASDAQ:WABC) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $61.00 price objective on the financial services provider's stock. Zacks Investment Research's price target indicates a potential upside of 15.42% from the stock's current price.

According to Zacks, "Westamerica Bancorp. is a bank holding company. The company provides a full range of banking services to individual and corporate customers in Northern and Central California through its subsidiary banks, Westamerica Bank and Bank of Lake County. It also owns Westamerica Commercial Credit, Inc., a company engaged in financing accounts receivable and inventory lines of credit and term business loans and Community Banker Services Corporation, a company engaged in providing the company and its subsidiaries data processing services and other support functions. "

A number of other analysts have also commented on the company. Piper Sandler lifted their target price on Westamerica Bancorporation from $57.00 to $58.00 and gave the stock a "neutral" rating in a report on Friday, July 17th. BidaskClub lowered Westamerica Bancorporation from a "sell" rating to a "strong sell" rating in a report on Thursday, October 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company's stock. The stock has a consensus rating of "Hold" and a consensus price target of $61.33.

NASDAQ:WABC traded up $0.20 during trading hours on Wednesday, reaching $52.85. 3,862 shares of the company traded hands, compared to its average volume of 130,242. The business's 50-day moving average price is $55.38 and its two-hundred day moving average price is $57.96. The stock has a market capitalization of $1.42 billion, a P/E ratio of 18.48 and a beta of 0.70. Westamerica Bancorporation has a 1 year low of $46.94 and a 1 year high of $69.08.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings data on Thursday, October 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, meeting the Zacks' consensus estimate of $0.74. Westamerica Bancorporation had a return on equity of 10.07% and a net margin of 37.49%. As a group, analysts anticipate that Westamerica Bancorporation will post 2.85 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in shares of Westamerica Bancorporation by 5.3% in the first quarter. State Street Corp now owns 918,433 shares of the financial services provider's stock worth $53,985,000 after acquiring an additional 45,920 shares during the period. Palisade Capital Management LLC NJ grew its holdings in shares of Westamerica Bancorporation by 0.6% in the second quarter. Palisade Capital Management LLC NJ now owns 469,199 shares of the financial services provider's stock worth $26,941,000 after acquiring an additional 2,864 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Westamerica Bancorporation by 30.3% in the second quarter. Goldman Sachs Group Inc. now owns 271,618 shares of the financial services provider's stock worth $15,597,000 after acquiring an additional 63,112 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Westamerica Bancorporation by 23.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 263,028 shares of the financial services provider's stock worth $15,104,000 after acquiring an additional 49,311 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in shares of Westamerica Bancorporation by 27.8% in the second quarter. Nuveen Asset Management LLC now owns 150,353 shares of the financial services provider's stock worth $8,633,000 after acquiring an additional 32,723 shares during the period. 77.44% of the stock is 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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13 Stocks Institutional Investors Won't Stop Buying

University endowments, pension funds, sovereign wealth funds, hedge funds and other institutional investors have recently been pouring money into a a group of 13 elite stocks.

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View the "13 Stocks Institutional Investors Won't Stop Buying".

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