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

Key Points

• Westamerica Bancorporation has been upgraded by Wall Street Zen from a "sell" rating to a "hold" rating.
• Keefe, Bruyette & Woods lowered their price target for Westamerica Bancorporation from $55.00 to $54.00, stating a "market perform" rating.
• The company's recent quarterly earnings report indicated an EPS of $1.12, slightly above analysts' expectations of $1.11.

Wall Street Zen upgraded shares of Westamerica Bancorporation (NASDAQ:WABC - Free Report) from a sell rating to a hold rating in a research note released on Friday.

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

Westamerica Bancorporation Stock Down 1.4%

Shares of WABC stock traded down $0.69 on Friday, reaching $48.88. 104,620 shares of the company's stock traded hands, compared to its average volume of 151,463. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $59.97. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $1.24 billion, a P/E ratio of 10.23 and a beta of 0.65. The business's 50 day moving average price is $49.65 and its two-hundred day moving average price is $48.99.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.01. Westamerica Bancorporation had a return on equity of 13.81% and a net margin of 43.69%.The business had revenue of $64.88 million for the quarter, compared to the consensus estimate of $65.80 million. On average, equities analysts forecast that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Monday, August 4th. Westamerica Bancorporation's dividend payout ratio is currently 38.49%.

Institutional Investors Weigh In On Westamerica Bancorporation

Several large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its position in Westamerica Bancorporation by 354.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider's stock worth $41,000 after acquiring an additional 666 shares during the last quarter. MAI Capital Management grew its position in Westamerica Bancorporation by 126.1% during the 2nd quarter. MAI Capital Management now owns 866 shares of the financial services provider's stock worth $42,000 after acquiring an additional 483 shares during the last quarter. Strs Ohio bought a new stake in Westamerica Bancorporation during the 1st quarter worth approximately $96,000. Jones Financial Companies Lllp bought a new stake in Westamerica Bancorporation during the 1st quarter worth approximately $99,000. Finally, Golden State Wealth Management LLC grew its position in Westamerica Bancorporation by 100.0% during the 1st 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 during the last quarter. 81.89% of the stock is currently 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.