Westamerica Bancorporation (NASDAQ:WABC) Stock Rating Lowered by Wall Street Zen

Key Points

• Westamerica Bancorporation has been downgraded by Wall Street Zen from a "hold" to a "sell" rating, reflecting a more pessimistic outlook for the stock's performance.
• The company's price objective was also lowered by Keefe, Bruyette & Woods from $55.00 to $54.00, while the consensus rating remains at "Hold" with an average price target of $52.00.
• In its latest earnings report, Westamerica Bancorporation reported an EPS of $1.12, slightly beating analyst estimates, although revenue fell short of expectations with $64.88 million reported.

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

Separately, Keefe, Bruyette & Woods reduced their price objective on Westamerica Bancorporation from $55.00 to $54.00 and set a "market perform" rating on the stock in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $52.00.

Westamerica Bancorporation Stock Performance

WABC opened at $50.05 on Friday. The firm has a market capitalization of $1.27 billion, a PE ratio of 10.47 and a beta of 0.65. Westamerica Bancorporation has a twelve month low of $42.00 and a twelve month high of $59.97. The firm's 50-day moving average price is $49.13 and its 200 day moving average price is $48.87. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.11.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.01. The company had revenue of $64.88 million during the quarter, compared to the consensus estimate of $65.80 million. Westamerica Bancorporation had a net margin of 43.69% and a return on equity of 13.81%. As a group, sell-side analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Institutional Trading of Westamerica Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co increased its position in shares of Westamerica Bancorporation by 0.7% during the second quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider's stock valued at $1,570,000 after acquiring an additional 213 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its holdings in Westamerica Bancorporation by 4.9% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 5,833 shares of the financial services provider's stock valued at $283,000 after purchasing an additional 274 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Westamerica Bancorporation by 5.2% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,722 shares of the financial services provider's stock valued at $326,000 after purchasing an additional 331 shares during the period. Envestnet Asset Management Inc. lifted 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 in the last quarter. Finally, MAI Capital Management lifted its stake in Westamerica Bancorporation by 126.1% during the second quarter. MAI Capital Management now owns 866 shares of the financial services provider's stock worth $42,000 after purchasing an additional 483 shares in the last quarter. 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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