West Bancorporation (NASDAQ:WTBA) Hits New 12-Month High - Here's What Happened

Key Points

• West Bancorporation shares reached a new 52-week high, trading as high as $30.50 and closing around $30.44, up 0.5% from the prior close.
• Analyst sentiment remains cautious: the stock carries a consensus “Hold” rating from four analysts, with an average price target of $29.00, despite recent target increases from Hovde Group and Piper Sandler.
• The company slightly exceeded quarterly earnings expectations, reporting $0.64 EPS versus the $0.63 consensus and $28.22 million in revenue; institutional investors own 44.3% of outstanding shares.

West Bancorporation, Inc. (NASDAQ:WTBA - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday. The company traded as high as $30.50 and last traded at $30.44, with a volume of 47,931 shares traded. The stock had previously closed at $30.30.

Analysts Set New Price Targets

Several analysts have recently weighed in on WTBA shares. Weiss Ratings raised shares of West Bancorporation from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Wall Street Zen cut shares of West Bancorporation from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Hovde Group boosted their target price on West Bancorporation from $25.50 to $28.00 and gave the stock a "market perform" rating in a research note on Friday, July 24th. Finally, Piper Sandler increased their price objective on shares of West Bancorporation from $27.00 to $30.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $29.00.

West Bancorporation Stock Up 0.5%

The business's fifty day moving average price is $29.00 and its 200 day moving average price is $26.72. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.33. The firm has a market capitalization of $518.70 million, a price-to-earnings ratio of 13.65 and a beta of 0.71.

West Bancorporation (NASDAQ:WTBA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.01. West Bancorporation had a return on equity of 15.48% and a net margin of 18.75%. The firm had revenue of $28.22 million for the quarter, compared to analyst estimates of $28.15 million. During the same quarter last year, the company posted $0.47 earnings per share. On average, equities analysts expect that West Bancorporation, Inc. will post 2.55 EPS for the current year.

Institutional Investors Weigh In On West Bancorporation

Institutional investors and hedge funds have recently modified their holdings of the company. Squarepoint Ops LLC grew its holdings in West Bancorporation by 332.0% in the second quarter. Squarepoint Ops LLC now owns 36,548 shares of the financial services provider's stock valued at $970,000 after purchasing an additional 28,087 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of West Bancorporation by 28.8% in the first quarter. Quantinno Capital Management LP now owns 34,480 shares of the financial services provider's stock valued at $820,000 after buying an additional 7,702 shares during the last quarter. Independent Wealth Network Inc. raised its holdings in West Bancorporation by 3.1% in the 3rd quarter. Independent Wealth Network Inc. now owns 15,260 shares of the financial services provider's stock valued at $435,000 after acquiring an additional 465 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in West Bancorporation by 4.2% during the second quarter. Sequoia Financial Advisors LLC now owns 11,186 shares of the financial services provider's stock worth $297,000 after buying an additional 448 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in shares of West Bancorporation by 83.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 1,411 shares of the financial services provider's stock worth $39,000 after acquiring an additional 642 shares during the period. Institutional investors and hedge funds own 44.30% of the company's stock.

About West Bancorporation

West Bancorporation, Inc NASDAQ: WTBA is a bank holding company headquartered in West Des Moines, Iowa. It operates primarily through West Bank, a community banking institution that provides financial services to businesses, individuals and nonprofit organizations.

West Bank offers commercial and consumer lending, including commercial real estate, business, residential real estate and personal loans. Its deposit products include checking, savings, money market and certificate of deposit accounts, while additional services include treasury management, online and mobile banking, cash management and trust or wealth management services.

Founded in 1893, West Bank serves communities primarily in central and eastern Iowa, with a presence in the Des Moines metropolitan area and other Iowa markets.

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