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

Key Points

• Westamerica Bancorporation was upgraded by Wall Street Zen from a sell to a hold, while other analysts remain generally constructive with a consensus rating of Moderate Buy and an average target price of $64.00.
• The stock was down 1.8%, but it was still trading at $61.36, above both its 50-day and 200-day moving averages. The company has a market cap of about $1.44 billion and a relatively low beta of 0.56.
• Westamerica reported Q2 EPS of $1.17, beating estimates of $1.10, and revenue of $62.77 million, also slightly above expectations. The bank posted a 12.10% return on equity and a strong 41.71% net margin.

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

Several other brokerages have also recently commented on WABC. Keefe, Bruyette & Woods lifted their price target on shares of Westamerica Bancorporation from $60.00 to $64.00 and gave the stock a "market perform" rating in a research report on Friday. Weiss Ratings raised shares of Westamerica Bancorporation from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.00.

Westamerica Bancorporation Stock Down 1.8%

Shares of WABC stock opened at $61.36 on Friday. The stock has a 50-day moving average price of $57.19 and a 200 day moving average price of $53.48. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 13.52 and a beta of 0.56. Westamerica Bancorporation has a 12 month low of $44.93 and a 12 month high of $63.61.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.07. Westamerica Bancorporation had a return on equity of 12.10% and a net margin of 41.71%.The firm had revenue of $62.77 million during the quarter, compared to analysts' expectations of $61.60 million. During the same period in the previous year, the business posted $1.12 EPS.

Insider Transactions at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of the firm's stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 5.90% of the company's stock.

Institutional Trading of Westamerica Bancorporation

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in Westamerica Bancorporation by 6.8% during the first quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider's stock valued at $938,000 after purchasing an additional 1,183 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Westamerica Bancorporation by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider's stock worth $773,000 after purchasing an additional 642 shares during the period. Jones Financial Companies Lllp acquired a new stake in Westamerica Bancorporation in the first quarter worth $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Westamerica Bancorporation by 9.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider's stock worth $3,243,000 after purchasing an additional 5,293 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Westamerica Bancorporation by 815.8% during the first quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider's stock worth $3,416,000 after purchasing an additional 60,102 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation NASDAQ: WABC is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company's lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.