Westamerica Bancorporation (NASDAQ:WABC) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

Other equities research analysts also recently issued reports about the stock. Maxim Group restated a “hold” rating on shares of Westamerica Bancorporation in a research report on Friday, April 21st. Keefe, Bruyette & Woods raised shares of Westamerica Bancorporation from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $54.00 to $56.00 in a report on Friday, April 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $56.00.

Shares of Westamerica Bancorporation (WABC) traded down 1.57% during trading on Friday, reaching $54.07. The company had a trading volume of 80,351 shares. The firm has a 50 day moving average price of $54.02 and a 200 day moving average price of $56.75. Westamerica Bancorporation has a 12 month low of $46.51 and a 12 month high of $65.34. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 23.51 and a beta of 1.06.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.02. The firm had revenue of $44.50 million during the quarter, compared to the consensus estimate of $45.75 million. Westamerica Bancorporation had a net margin of 33.11% and a return on equity of 10.53%. During the same period last year, the business posted $0.56 earnings per share. Analysts predict that Westamerica Bancorporation will post $2.30 earnings per share for the current year.

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In related news, CFO John A. Thorson sold 8,332 shares of Westamerica Bancorporation stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $58.50, for a total value of $487,422.00. Following the transaction, the chief financial officer now directly owns 8,332 shares of the company’s stock, valued at $487,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John A. Thorson sold 1,303 shares of Westamerica Bancorporation stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $58.09, for a total transaction of $75,691.27. The disclosure for this sale can be found here. Insiders sold 10,856 shares of company stock worth $634,407 over the last three months. 4.90% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. First Interstate Bank bought a new stake in Westamerica Bancorporation during the first quarter worth $104,000. Norges Bank bought a new stake in Westamerica Bancorporation during the fourth quarter worth $9,732,000. Comerica Bank boosted its stake in Westamerica Bancorporation by 25.6% in the first quarter. Comerica Bank now owns 41,572 shares of the financial services provider’s stock worth $2,372,000 after buying an additional 8,467 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Westamerica Bancorporation by 5.0% in the first quarter. Ameriprise Financial Inc. now owns 174,434 shares of the financial services provider’s stock worth $9,739,000 after buying an additional 8,234 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in Westamerica Bancorporation during the fourth quarter worth $1,893,000. 86.74% of the stock is currently owned by hedge funds and other institutional investors.

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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