Keefe, Bruyette & Woods Lowers Westamerica Bancorporation (NASDAQ:WABC) Price Target to $55.00

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) had its target price dropped by equities researchers at Keefe, Bruyette & Woods from $58.00 to $55.00 in a report released on Monday,Benzinga reports. The firm currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 14.04% from the company's current price.

Separately, 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 report on Monday, April 21st.

Westamerica Bancorporation Price Performance

Shares of NASDAQ WABC traded down $0.20 during mid-day trading on Monday, hitting $48.23. 121,022 shares of the stock traded hands, compared to its average volume of 128,416. The company has a market cap of $1.29 billion, a PE ratio of 9.28 and a beta of 0.63. Westamerica Bancorporation has a twelve month low of $42.00 and a twelve month high of $59.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.27 and a quick ratio of 0.26. The firm has a 50 day simple moving average of $48.84 and a two-hundred day simple moving average of $51.62.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.07. Westamerica Bancorporation had a return on equity of 16.15% and a net margin of 44.55%. The company had revenue of $66.71 million during the quarter, compared to the consensus estimate of $66.47 million. As a group, equities research analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Insider Transactions at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 710 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $48.16, for a total transaction of $34,193.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of Westamerica Bancorporation by 14.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 23,255 shares of the financial services provider's stock worth $1,177,000 after purchasing an additional 3,006 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings 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 worth $126,000 after acquiring an additional 1,245 shares in the last quarter. SG Americas Securities LLC grew its stake in Westamerica Bancorporation by 64.8% in the first quarter. SG Americas Securities LLC now owns 8,363 shares of the financial services provider's stock valued at $423,000 after acquiring an additional 3,288 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Westamerica Bancorporation by 43.7% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 6,698 shares of the financial services provider's stock valued at $339,000 after acquiring an additional 2,036 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Westamerica Bancorporation by 4,946.6% during the first quarter. GAMMA Investing LLC now owns 109,310 shares of the financial services provider's stock worth $5,534,000 after purchasing an additional 107,144 shares during the period. 81.89% of the stock is owned by institutional investors.

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.