Westamerica Bancorporation (NASDAQ:WABC) Raised to "Hold" at Wall Street Zen

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Friday.

A number of other analysts have also recently commented on the stock. Keefe, Bruyette & Woods cut their target price on shares of Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Piper Sandler lowered their price objective on 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 Stock Down 0.0%

Shares of NASDAQ:WABC traded down $0.02 during trading on Friday, reaching $48.57. 188,315 shares of the company's stock traded hands, compared to its average volume of 139,562. Westamerica Bancorporation has a fifty-two week low of $42.00 and a fifty-two week high of $59.97. The company has a 50-day simple moving average of $48.38 and a 200-day simple moving average of $49.78. The firm has a market cap of $1.27 billion, a PE ratio of 9.73 and a beta of 0.65.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, beating the consensus estimate of $1.09 by $0.07. The company had revenue of $66.71 million for the quarter, compared to analyst estimates of $66.47 million. Westamerica Bancorporation had a return on equity of 14.95% and a net margin of 44.10%. On average, equities research analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current year.

Insiders Place Their Bets

In related news, SVP John A. Thorson sold 2,243 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $48.57, for a total value of $108,942.51. Following the completion of the sale, the senior vice president now owns 11,591 shares of the company's stock, valued at approximately $562,974.87. This trade represents a 16.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert James Baker, Jr. sold 710 shares of Westamerica Bancorporation stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $48.16, for a total value of $34,193.60. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Westamerica Bancorporation

Large investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd boosted its position in shares of Westamerica Bancorporation by 1.1% during the 4th quarter. WINTON GROUP Ltd now owns 21,619 shares of the financial services provider's stock valued at $1,134,000 after acquiring an additional 227 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Westamerica Bancorporation by 4.5% during the first quarter. Envestnet Asset Management Inc. now owns 8,325 shares of the financial services provider's stock worth $421,000 after purchasing an additional 362 shares during the period. Swiss National Bank boosted its holdings in Westamerica Bancorporation by 0.8% in the 4th quarter. Swiss National Bank now owns 52,500 shares of the financial services provider's stock valued at $2,754,000 after purchasing an additional 400 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Westamerica Bancorporation by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,619 shares of the financial services provider's stock valued at $767,000 after buying an additional 510 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Westamerica Bancorporation by 13.0% in the 1st quarter. Allworth Financial LP now owns 4,426 shares of the financial services provider's stock valued at $214,000 after buying an additional 510 shares during the period. 81.89% of the stock is currently owned by hedge funds and other 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.

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