Westamerica Bancorporation (NASDAQ:WABC) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Thursday, September 20th.
Separately, Maxim Group reiterated a “hold” rating on shares of Westamerica Bancorporation in a research note on Monday, July 23rd. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Sell” and an average target price of $54.67.
Shares of Westamerica Bancorporation stock traded down $1.09 during midday trading on Thursday, hitting $56.31. The company had a trading volume of 110,930 shares, compared to its average volume of 93,071. The company has a market capitalization of $1.60 billion, a P/E ratio of 24.26 and a beta of 1.05. Westamerica Bancorporation has a 52-week low of $53.26 and a 52-week high of $64.76.
Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. Westamerica Bancorporation had a return on equity of 11.15% and a net margin of 28.19%. The company had revenue of $46.89 million for the quarter.
Westamerica Bancorporation declared that its board has initiated a share buyback program on Thursday, July 26th that permits the company to repurchase 1,750,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other news, SVP Dennis R. Hansen sold 16,467 shares of the firm’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $59.71, for a total value of $983,244.57. Following the transaction, the senior vice president now directly owns 18,787 shares in the company, valued at approximately $1,121,771.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.50% of the company’s stock.
A number of institutional investors have recently made changes to their positions in WABC. Schroder Investment Management Group raised its holdings in Westamerica Bancorporation by 47.5% in the 2nd quarter. Schroder Investment Management Group now owns 1,213,902 shares of the financial services provider’s stock worth $64,543,000 after purchasing an additional 391,084 shares during the period. BlackRock Inc. raised its holdings in Westamerica Bancorporation by 7.1% during the second quarter. BlackRock Inc. now owns 3,703,806 shares of the financial services provider’s stock valued at $209,303,000 after acquiring an additional 246,862 shares during the period. Russell Investments Group Ltd. raised its holdings in Westamerica Bancorporation by 68.4% during the second quarter. Russell Investments Group Ltd. now owns 223,632 shares of the financial services provider’s stock valued at $12,642,000 after acquiring an additional 90,852 shares during the period. Deprince Race & Zollo Inc. raised its holdings in Westamerica Bancorporation by 11.7% during the second quarter. Deprince Race & Zollo Inc. now owns 550,391 shares of the financial services provider’s stock valued at $31,103,000 after acquiring an additional 57,765 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Westamerica Bancorporation by 14.2% during the second quarter. Victory Capital Management Inc. now owns 459,322 shares of the financial services provider’s stock valued at $25,957,000 after acquiring an additional 57,289 shares during the period. 87.69% of the stock is currently owned by institutional investors.
Westamerica Bancorporation Company Profile
Westamerica Bancorporation operates as a bank holding company for Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit to local businesses and professionals.
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