Westamerica Bancorporation’s (WABC) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their market perform rating on shares of Westamerica Bancorporation (NASDAQ:WABC) in a research report released on Monday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a $57.00 target price on the financial services provider’s stock, down from their previous target price of $58.00.

WABC has been the subject of a number of other research reports. StockNews.com cut Westamerica Bancorporation from a hold rating to a sell rating in a research report on Tuesday, April 16th. Piper Sandler lowered their price target on Westamerica Bancorporation from $51.00 to $50.00 and set a neutral rating for the company in a research report on Friday, April 19th.

Westamerica Bancorporation Price Performance

Westamerica Bancorporation stock opened at $47.21 on Monday. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 7.97 and a beta of 0.56. Westamerica Bancorporation has a 1-year low of $35.52 and a 1-year high of $57.96. The business has a fifty day moving average price of $47.01 and a 200-day moving average price of $49.10.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02). The business had revenue of $78.84 million during the quarter, compared to analyst estimates of $77.34 million. Westamerica Bancorporation had a return on equity of 21.99% and a net margin of 48.35%. On average, equities research analysts anticipate that Westamerica Bancorporation will post 5.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of Westamerica Bancorporation stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $46.79, for a total transaction of $527,416.88. Following the completion of the transaction, the chief executive officer now owns 242,417 shares in the company, valued at approximately $11,342,691.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of Westamerica Bancorporation stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $46.79, for a total transaction of $527,416.88. Following the completion of the transaction, the chief executive officer now owns 242,417 shares in the company, valued at approximately $11,342,691.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David L. Payne sold 10,000 shares of Westamerica Bancorporation stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $49.51, for a total value of $495,100.00. Following the transaction, the chief executive officer now owns 268,689 shares of the company’s stock, valued at approximately $13,302,792.39. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,372 shares of company stock valued at $1,074,481. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in shares of Westamerica Bancorporation by 27.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,648 shares of the financial services provider’s stock valued at $71,000 after buying an additional 355 shares during the last quarter. New York State Teachers Retirement System increased its stake in shares of Westamerica Bancorporation by 1.2% in the 1st quarter. New York State Teachers Retirement System now owns 41,153 shares of the financial services provider’s stock valued at $2,012,000 after purchasing an additional 492 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Westamerica Bancorporation in the 4th quarter valued at about $31,000. Equitable Trust Co. increased its stake in shares of Westamerica Bancorporation by 7.0% in the 4th quarter. Equitable Trust Co. now owns 9,646 shares of the financial services provider’s stock valued at $544,000 after purchasing an additional 633 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of Westamerica Bancorporation by 4.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 30,587 shares of the financial services provider’s stock valued at $1,323,000 after purchasing an additional 1,271 shares in the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for the 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.