Westamerica Bancorporation (NASDAQ:WABC) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of Westamerica Bancorporation (NASDAQ:WABC) from a hold rating to a sell rating in a research note published on Saturday.

A number of other equities research analysts also recently commented on WABC. Keefe, Bruyette & Woods lifted their target price on Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $52.50.

Westamerica Bancorporation Stock Performance

NASDAQ:WABC opened at $52.21 on Friday. The company’s 50-day moving average is $49.78 and its two-hundred day moving average is $48.84. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $53.36. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.26 and a quick ratio of 0.29. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 11.55 and a beta of 0.62.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. The business had revenue of $66.05 million during the quarter, compared to the consensus estimate of $61.90 million. Analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were paid a $0.46 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.5%. Westamerica Bancorporation’s payout ratio is presently 40.71%.

Westamerica Bancorporation announced that its Board of Directors has authorized a share buyback plan on Thursday, December 18th that permits the company to repurchase $2.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 0.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Westamerica Bancorporation

Several institutional investors have recently bought and sold shares of WABC. Assenagon Asset Management S.A. purchased a new stake in shares of Westamerica Bancorporation during the third quarter worth approximately $5,831,000. Arrowstreet Capital Limited Partnership grew its holdings in Westamerica Bancorporation by 87.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock worth $15,014,000 after acquiring an additional 144,405 shares in the last quarter. CWM LLC increased its position in shares of Westamerica Bancorporation by 162.8% in the 3rd quarter. CWM LLC now owns 19,585 shares of the financial services provider’s stock valued at $979,000 after purchasing an additional 12,133 shares during the last quarter. Y Intercept Hong Kong Ltd raised its holdings in shares of Westamerica Bancorporation by 285.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 58,718 shares of the financial services provider’s stock valued at $2,935,000 after purchasing an additional 43,500 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of Westamerica Bancorporation by 19.3% during the 2nd quarter. New York State Common Retirement Fund now owns 159,618 shares of the financial services provider’s stock worth $7,732,000 after purchasing an additional 25,793 shares during the last quarter. 81.89% of the stock is 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.