Westamerica Bancorporation (NASDAQ:WABC) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Saturday.

Shares of Westamerica Bancorporation (NASDAQ:WABC) traded up 1.00% on Friday, reaching $51.55. The company had a trading volume of 47,166 shares. The company has a 50 day moving average of $53.44 and a 200-day moving average of $54.87. The company has a market capitalization of $1.36 billion, a P/E ratio of 22.12 and a beta of 1.06. Westamerica Bancorporation has a 52 week low of $47.31 and a 52 week high of $65.34.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. The company had revenue of $47.90 million during the quarter, compared to analysts’ expectations of $46.70 million. Westamerica Bancorporation had a net margin of 33.83% and a return on equity of 10.57%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS. Analysts predict that Westamerica Bancorporation will post $2.32 earnings per share for the current fiscal year.

Westamerica Bancorporation declared that its Board of Directors has approved a stock repurchase program on Thursday, July 27th that authorizes the company to buyback 1,750,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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In other news, Director Edward B. Sylvester sold 1,260 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $54.40, for a total transaction of $68,544.00. Following the transaction, the director now owns 72,490 shares of the company’s stock, valued at $3,943,456. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.90% of the company’s stock.

Several institutional investors have recently modified their holdings of WABC. First Interstate Bank bought a new position in shares of Westamerica Bancorporation during the first quarter valued at approximately $104,000. Huntington National Bank boosted its position in shares of Westamerica Bancorporation by 18.7% in the second quarter. Huntington National Bank now owns 1,971 shares of the financial services provider’s stock valued at $110,000 after buying an additional 310 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in shares of Westamerica Bancorporation during the first quarter valued at approximately $119,000. Northwest Investment Counselors LLC bought a new position in shares of Westamerica Bancorporation during the second quarter valued at approximately $134,000. Finally, SG Americas Securities LLC boosted its position in shares of Westamerica Bancorporation by 20.1% in the first quarter. SG Americas Securities LLC now owns 2,795 shares of the financial services provider’s stock valued at $156,000 after buying an additional 467 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors and hedge funds.

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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