Westamerica Bancorporation (NASDAQ:WABC) Price Target Raised to $55.00 at Keefe, Bruyette & Woods

Westamerica Bancorporation (NASDAQ:WABC) had its price objective hoisted by equities research analysts at Keefe, Bruyette & Woods from $53.00 to $55.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 10.31% from the company’s previous close.

A number of other brokerages have also commented on WABC. Weiss Ratings reissued a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, October 8th. Wall Street Zen raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $52.50.

Westamerica Bancorporation Trading Down 2.0%

WABC stock opened at $49.86 on Tuesday. The business has a fifty day moving average price of $48.53 and a 200 day moving average price of $48.73. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.26 and a quick ratio of 0.29. Westamerica Bancorporation has a fifty-two week low of $42.00 and a fifty-two week high of $53.85. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 11.03 and a beta of 0.62.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%.The company had revenue of $63.55 million for the quarter, compared to analyst estimates of $61.90 million. Analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation announced that its board has authorized a share buyback program on Thursday, December 18th that allows the company to buyback $2.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 0.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Westamerica Bancorporation

Institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. lifted its stake in shares of Westamerica Bancorporation by 201.1% in the 3rd quarter. Hantz Financial Services Inc. now owns 840 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 561 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Westamerica Bancorporation by 354.3% in the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 666 shares during the last quarter. MAI Capital Management increased its holdings in Westamerica Bancorporation by 126.1% in the second quarter. MAI Capital Management now owns 866 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 483 shares during the last quarter. Strs Ohio acquired a new position in Westamerica Bancorporation in the first quarter valued at about $96,000. Finally, Jones Financial Companies Lllp acquired a new position in Westamerica Bancorporation in the first quarter valued at about $99,000. Institutional investors and hedge funds own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.