Westamerica Bancorporation (NASDAQ:WABC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Westamerica Bancorporation (NASDAQ:WABC) from a sell rating to a hold rating in a research note published on Saturday.

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $52.00.

Westamerica Bancorporation Trading Down 2.0%

Shares of WABC stock opened at $49.86 on Friday. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year 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. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.26 and a quick ratio of 0.29. The company’s fifty day simple moving average is $48.53 and its two-hundred day simple moving average is $48.73.

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

Westamerica Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Monday, November 3rd were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, November 3rd. Westamerica Bancorporation’s dividend payout ratio is currently 40.71%.

Westamerica Bancorporation declared that its Board of Directors has approved a stock repurchase plan on Thursday, December 18th that permits the company to buyback $2.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC increased its holdings in shares of Westamerica Bancorporation by 101.3% in the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after purchasing an additional 200,884 shares during the period. American Century Companies Inc. grew its position in Westamerica Bancorporation by 9.3% during the 2nd quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock worth $97,816,000 after purchasing an additional 171,991 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Westamerica Bancorporation by 87.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after buying an additional 144,405 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Westamerica Bancorporation in the 3rd quarter valued at about $5,831,000. Finally, Denali Advisors LLC boosted its stake in shares of Westamerica Bancorporation by 505.1% in the second quarter. Denali Advisors LLC now owns 107,152 shares of the financial services provider’s stock worth $5,190,000 after buying an additional 89,444 shares during the last quarter. 81.89% of the stock is currently owned by hedge funds and other institutional investors.

About Westamerica Bancorporation

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.