Westamerica Bancorporation (NASDAQ:WABC) Rating Lowered to Sell at Wall Street Zen

Westamerica Bancorporation (NASDAQ:WABC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other analysts have also recently commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their price objective on Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $52.50.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ:WABC opened at $52.21 on Friday. The company has a current ratio of 0.26, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. Westamerica Bancorporation has a 1-year low of $42.00 and a 1-year high of $53.36. The stock has a market capitalization of $1.30 billion, a P/E ratio of 11.55 and a beta of 0.62. The business has a 50-day moving average price of $49.78 and a two-hundred day moving average price of $48.84.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.07 by $0.05. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. The company had revenue of $66.05 million during the quarter, compared to analysts’ expectations of $61.90 million. Equities analysts predict that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation announced that its Board of Directors has approved a stock repurchase program on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 0.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WABC. Marshall Wace LLP acquired a new stake in shares of Westamerica Bancorporation in the 4th quarter valued at about $532,000. Charles Schwab Investment Management Inc. raised its position in Westamerica Bancorporation by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 298,471 shares of the financial services provider’s stock valued at $14,276,000 after buying an additional 14,121 shares during the last quarter. Ieq Capital LLC lifted its stake in Westamerica Bancorporation by 36.0% in the 4th quarter. Ieq Capital LLC now owns 59,478 shares of the financial services provider’s stock valued at $2,845,000 after acquiring an additional 15,745 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Westamerica Bancorporation by 0.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 42,725 shares of the financial services provider’s stock worth $2,044,000 after acquiring an additional 201 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Westamerica Bancorporation by 33.5% during the 4th quarter. Wells Fargo & Company MN now owns 35,383 shares of the financial services provider’s stock worth $1,692,000 after acquiring an additional 8,869 shares during the last quarter. 81.89% of the stock is owned by institutional investors and hedge funds.

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.