BidaskClub Downgrades Westamerica Bancorporation (WABC) to Sell

BidaskClub cut shares of Westamerica Bancorporation (NASDAQ:WABC) from a hold rating to a sell rating in a research report released on Saturday morning.

A number of other analysts have also weighed in on the stock. Sandler O’Neill reiterated a sell rating and issued a $54.00 price objective on shares of Westamerica Bancorporation in a research note on Thursday, January 4th. Keefe, Bruyette & Woods restated a hold rating and set a $58.00 price target on shares of Westamerica Bancorporation in a research report on Friday, December 22nd.

Shares of Westamerica Bancorporation (NASDAQ:WABC) opened at $58.35 on Friday. The firm has a market cap of $1,541.22, a price-to-earnings ratio of 25.37 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 released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.57 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.57. The firm had revenue of $45.22 million for the quarter. Westamerica Bancorporation had a net margin of 33.38% and a return on equity of 10.28%.

In related news, CFO John A. Thorson sold 12,468 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $58.80, for a total transaction of $733,118.40. Following the sale, the chief financial officer now owns 12,468 shares in the company, valued at $733,118.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Dennis R. Hansen sold 20,000 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $58.13, for a total transaction of $1,162,600.00. Following the sale, the senior vice president now owns 19,721 shares in the company, valued at approximately $1,146,381.73. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,868 shares of company stock worth $3,340,734. 4.90% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC purchased a new position in Westamerica Bancorporation during the third quarter valued at $229,000. Schwab Charles Investment Management Inc. lifted its holdings in Westamerica Bancorporation by 5.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 173,902 shares of the financial services provider’s stock valued at $10,355,000 after purchasing an additional 8,332 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Westamerica Bancorporation by 10.1% during the third quarter. Wells Fargo & Company MN now owns 64,767 shares of the financial services provider’s stock valued at $3,857,000 after purchasing an additional 5,952 shares in the last quarter. Amalgamated Bank purchased a new position in Westamerica Bancorporation during the third quarter valued at $204,000. Finally, South Dakota Investment Council lifted its holdings in Westamerica Bancorporation by 36.0% during the third quarter. South Dakota Investment Council now owns 29,100 shares of the financial services provider’s stock valued at $1,733,000 after purchasing an additional 7,700 shares in the last quarter. Institutional investors own 85.95% of the company’s stock.

WARNING: This story was published by Community Financial News and is owned by of Community Financial News. If you are viewing this story on another site, it was illegally stolen and republished in violation of international copyright & trademark laws. The legal version of this story can be viewed at https://www.com-unik.info/2018/01/09/bidaskclub-downgrades-westamerica-bancorporation-wabc-to-sell.html.

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.

Receive News & Ratings for Westamerica Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westamerica Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit