Westamerica Bancorporation (NASDAQ:WABC) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Key Points

• Keefe, Bruyette & Woods raised its price target on Westamerica Bancorporation from $60 to $64, while keeping a market perform rating. The new target implies only modest upside from the prior close.
• Westamerica Bancorporation also received a rating upgrade from Weiss Ratings, moving from buy (b-) to buy (b). Overall, MarketBeat shows a consensus rating of Moderate Buy with a $64 average price target.
• The bank posted better-than-expected quarterly results, reporting earnings of $1.17 per share versus estimates of $1.10 and revenue of $62.77 million versus $61.60 million expected. Shares were up 5.8% and opened near their 52-week high.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) had its price objective hoisted by equities researchers at Keefe, Bruyette & Woods from $60.00 to $64.00 in a report released on Friday,Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price suggests a potential upside of 2.47% from the stock's previous close.

Separately, Weiss Ratings raised Westamerica Bancorporation from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Westamerica Bancorporation currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.00.

Westamerica Bancorporation Stock Up 5.8%

Shares of NASDAQ WABC opened at $62.46 on Friday. The company has a market capitalization of $1.47 billion, a PE ratio of 13.91 and a beta of 0.56. Westamerica Bancorporation has a twelve month low of $44.93 and a twelve month high of $62.53. The firm has a fifty day simple moving average of $57.06 and a 200 day simple moving average of $53.43.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released 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 net margin of 42.08% and a return on equity of 12.26%. The firm had revenue of $62.77 million for the quarter, compared to the consensus estimate of $61.60 million. During the same quarter in the prior year, the company posted $1.12 earnings per share.

Insider Transactions at Westamerica Bancorporation

In other Westamerica Bancorporation news, SVP Robert James Baker, Jr. sold 759 shares of Westamerica Bancorporation stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $53.83, for a total transaction of $40,856.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WABC. Royal Bank of Canada increased its stake in shares of 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 buying an additional 642 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Westamerica Bancorporation in the 1st quarter worth $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Westamerica Bancorporation by 9.0% during the 1st 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 valued at $3,243,000 after buying an additional 5,293 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in 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 valued at $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.

About Westamerica Bancorporation

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.

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