Westamerica Bancorporation (NASDAQ:WABC) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Westamerica Bancorporation has been downgraded from a "hold" to a "sell" rating by analysts at Wall Street Zen.
• Analysts at Piper Sandler and Keefe, Bruyette & Woods also lowered their price targets for the stock, indicating a shift in sentiment towards a "neutral" rating.
• The company's recent earnings report showed a slight beat on EPS estimates but a revenue miss, with expectations for the current year pegged at 4.35 earnings per share.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

A number of other brokerages have also weighed in on WABC. Keefe, Bruyette & Woods reduced their price objective on shares of Westamerica Bancorporation from $55.00 to $54.00 and set a "market perform" rating on the stock in a report on Monday, July 21st. Piper Sandler cut their price target on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st.

Westamerica Bancorporation Stock Up 0.9%

Shares of WABC traded up $0.46 during midday trading on Friday, reaching $49.96. The stock had a trading volume of 29,845 shares, compared to its average volume of 151,180. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $59.97. The company's fifty day simple moving average is $48.87 and its two-hundred day simple moving average is $49.14. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 10.46 and a beta of 0.63. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.29 and a quick ratio of 0.29.

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

Institutional Investors Weigh In On Westamerica Bancorporation

Several hedge funds and other institutional investors have recently bought and sold shares of WABC. Sterling Capital Management LLC increased its stake in Westamerica Bancorporation by 815.6% in the fourth quarter. Sterling Capital Management LLC now owns 824 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 734 shares during the period. MAI Capital Management increased its stake in Westamerica Bancorporation by 126.1% in the second quarter. MAI Capital Management now owns 866 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 483 shares during the period. Strs Ohio acquired a new position in Westamerica Bancorporation in the first quarter valued at $96,000. Jones Financial Companies Lllp acquired a new position in Westamerica Bancorporation in the first quarter valued at $99,000. Finally, Golden State Wealth Management LLC increased its stake in Westamerica Bancorporation by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider's stock valued at $126,000 after purchasing an additional 1,245 shares during the period. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

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.