Sandler O’Neill Reaffirms Sell Rating for Westamerica Bancorporation (WABC)

Sandler O’Neill restated their sell rating on shares of Westamerica Bancorporation (NASDAQ:WABC) in a research report released on Thursday, January 4th. They currently have a $54.00 target price on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on WABC. BidaskClub cut Westamerica Bancorporation from a buy rating to a hold rating in a research report on Tuesday, December 12th. Keefe, Bruyette & Woods reiterated a hold rating and set a $58.00 price target on shares of Westamerica Bancorporation in a report on Friday, December 22nd.

Westamerica Bancorporation (NASDAQ WABC) traded up $0.66 during trading hours on Thursday, reaching $60.14. The company’s stock had a trading volume of 70,800 shares, compared to its average volume of 77,356. The stock has a market cap of $1,584.42, a PE ratio of 26.15 and a beta of 1.07. Westamerica Bancorporation has a 52 week low of $49.38 and a 52 week high of $64.26.

Westamerica Bancorporation (NASDAQ:WABC) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.57 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.57. The business had revenue of $45.22 million during the quarter. Westamerica Bancorporation had a return on equity of 10.28% and a net margin of 33.38%.

In related news, SVP Dennis R. Hansen sold 20,000 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $58.13, for a total value of $1,162,600.00. Following the completion of the transaction, the senior vice president now directly owns 19,721 shares in the company, valued at $1,146,381.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP James J. Schneck sold 6,000 shares of the company’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $58.86, for a total value of $353,160.00. Following the completion of the transaction, the vice president now owns 6,025 shares of the company’s stock, valued at $354,631.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,868 shares of company stock valued at $3,340,734. Corporate insiders own 4.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Keel Point LLC raised its stake in Westamerica Bancorporation by 0.4% during the second quarter. Keel Point LLC now owns 12,495 shares of the financial services provider’s stock worth $700,000 after acquiring an additional 46 shares in the last quarter. Suntrust Banks Inc. raised its stake in Westamerica Bancorporation by 2.7% during the second quarter. Suntrust Banks Inc. now owns 5,916 shares of the financial services provider’s stock worth $331,000 after acquiring an additional 158 shares in the last quarter. Rhumbline Advisers raised its stake in Westamerica Bancorporation by 1.1% during the second quarter. Rhumbline Advisers now owns 58,466 shares of the financial services provider’s stock worth $3,276,000 after acquiring an additional 638 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in Westamerica Bancorporation by 5.8% during the second quarter. Thrivent Financial For Lutherans now owns 15,800 shares of the financial services provider’s stock worth $885,000 after acquiring an additional 860 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Westamerica Bancorporation by 4.6% during the second quarter. The Manufacturers Life Insurance Company now owns 20,044 shares of the financial services provider’s stock worth $1,124,000 after acquiring an additional 882 shares in the last quarter. Hedge funds and other institutional investors own 85.95% of the company’s stock.

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Westamerica Bancorporation Company Profile

Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.

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