Westamerica Bancorporation (WABC) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

Westamerica Bancorporation (NASDAQ:WABC)‘s stock had its “hold” rating reiterated by stock analysts at Keefe, Bruyette & Woods in a research note issued to investors on Friday. They currently have a $58.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential downside of 5.31% from the company’s current price.

Separately, BidaskClub upgraded Westamerica Bancorporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th.

Westamerica Bancorporation (NASDAQ WABC) opened at $61.25 on Friday. The company has a market capitalization of $1,615.51, a P/E ratio of 26.63 and a beta of 1.07. Westamerica Bancorporation has a 1-year low of $49.38 and a 1-year high of $64.91.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.57 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.57. The firm 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 business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $58.13, for a total transaction of $1,162,600.00. Following the completion of the transaction, the senior vice president now owns 19,721 shares in the company, valued at approximately $1,146,381.73. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP James J. Schneck sold 6,000 shares of the business’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 transaction, the vice president now owns 6,025 shares of the company’s stock, valued at approximately $354,631.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,868 shares of company stock valued at $3,340,734. 4.90% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of WABC. Municipal Employees Retirement System of Michigan lifted its holdings in shares of Westamerica Bancorporation by 5.8% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 6,200 shares of the financial services provider’s stock worth $347,000 after buying an additional 340 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Westamerica Bancorporation by 3.0% in the 2nd quarter. Great West Life Assurance Co. Can now owns 37,951 shares of the financial services provider’s stock worth $2,126,000 after acquiring an additional 1,100 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Westamerica Bancorporation by 5.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 165,570 shares of the financial services provider’s stock worth $9,279,000 after acquiring an additional 8,875 shares in the last quarter. First Trust Advisors LP raised its position in shares of Westamerica Bancorporation by 10.8% in the 2nd quarter. First Trust Advisors LP now owns 59,580 shares of the financial services provider’s stock worth $3,339,000 after acquiring an additional 5,801 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of Westamerica Bancorporation by 1.1% in the 2nd 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. Institutional investors and hedge funds own 85.95% of the company’s stock.

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About Westamerica Bancorporation

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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