Keefe, Bruyette & Woods Issues Positive Forecast for Westamerica Bancorporation (NASDAQ:WABC) Stock Price

Westamerica Bancorporation (NASDAQ:WABC) had its target price raised by Keefe, Bruyette & Woods from $60.00 to $64.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 2.47% from the stock’s current price.

Separately, Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $64.00.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ:WABC opened at $62.46 on Friday. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $62.53. The firm has a market cap of $1.47 billion, a PE ratio of 13.91 and a beta of 0.56. The firm’s 50 day simple moving average is $57.06 and its 200-day simple moving average is $53.43.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. The business had revenue of $62.77 million for the quarter, compared to the consensus estimate of $61.60 million. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.During the same quarter in the prior year, the company earned $1.12 EPS.

Insider Transactions at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WABC. GAMMA Investing LLC grew its stake in Westamerica Bancorporation by 36.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,327 shares of the financial services provider’s stock worth $195,000 after buying an additional 890 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Westamerica Bancorporation by 48.0% in the 1st quarter. Bank of America Corp DE now owns 86,384 shares of the financial services provider’s stock valued at $4,505,000 after purchasing an additional 28,009 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Westamerica Bancorporation during the first quarter worth approximately $887,000. Royal Bank of Canada increased its stake in Westamerica Bancorporation by 1.9% in the 1st quarter. Royal Bank of Canada now owns 15,039 shares of the financial services provider’s stock valued at $784,000 after buying an additional 278 shares during the period. Finally, Entropy Technologies LP acquired a new stake in shares of Westamerica Bancorporation in the 1st quarter worth $352,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

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.