Westamerica Bancorporation (NASDAQ:WABC) Rating Lowered to Hold at Maxim Group

Maxim Group lowered shares of Westamerica Bancorporation (NASDAQ:WABC) from a buy rating to a hold rating in a research report sent to investors on Monday morning, Marketbeat reports.

WABC has been the subject of several other reports. StockNews.com upgraded shares of Westamerica Bancorporation from a sell rating to a hold rating in a report on Friday, July 19th. Piper Sandler boosted their target price on Westamerica Bancorporation from $50.00 to $57.00 and gave the stock a neutral rating in a report on Friday, July 19th. Finally, Keefe, Bruyette & Woods restated a market perform rating and set a $57.00 price target (down from $58.00) on shares of Westamerica Bancorporation in a report on Monday, April 22nd. Four analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $57.00.

Westamerica Bancorporation Trading Up 3.3 %

NASDAQ WABC opened at $55.58 on Monday. The firm has a market capitalization of $1.48 billion, a PE ratio of 9.39 and a beta of 0.56. The stock’s 50 day moving average is $49.30 and its 200 day moving average is $48.48. Westamerica Bancorporation has a twelve month low of $41.89 and a twelve month high of $58.49. The company has a quick ratio of 0.23, a current ratio of 0.25 and a debt-to-equity ratio of 0.37.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.03. The firm had revenue of $79.57 million for the quarter, compared to analysts’ expectations of $74.28 million. Westamerica Bancorporation had a net margin of 47.12% and a return on equity of 20.17%. Research analysts forecast that Westamerica Bancorporation will post 5.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Westamerica Bancorporation news, SVP George S. Ensinger sold 635 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $47.61, for a total transaction of $30,232.35. Following the sale, the senior vice president now directly owns 4,073 shares in the company, valued at approximately $193,915.53. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Westamerica Bancorporation

Several hedge funds and other institutional investors have recently bought and sold shares of WABC. Charles Schwab Investment Management Inc. raised its holdings in shares of Westamerica Bancorporation by 6.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 300,322 shares of the financial services provider’s stock valued at $16,941,000 after purchasing an additional 18,297 shares during the last quarter. Leeward Investments LLC MA bought a new position in shares of Westamerica Bancorporation during the 4th quarter valued at $9,515,000. Los Angeles Capital Management LLC boosted its stake in shares of Westamerica Bancorporation by 74.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 46,266 shares of the financial services provider’s stock worth $2,610,000 after buying an additional 19,752 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Westamerica Bancorporation by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 782,733 shares of the financial services provider’s stock worth $44,155,000 after acquiring an additional 21,547 shares during the period. Finally, Sei Investments Co. increased its position in Westamerica Bancorporation by 21.7% during the first quarter. Sei Investments Co. now owns 121,436 shares of the financial services provider’s stock valued at $5,936,000 after acquiring an additional 21,624 shares during the last quarter. Institutional investors own 81.89% of the company’s stock.

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.