Westamerica Bancorporation (NASDAQ:WABC) PT Lowered to $50.00

Westamerica Bancorporation (NASDAQ:WABC) had its target price decreased by equities research analysts at Piper Sandler from $51.00 to $50.00 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target points to a potential upside of 7.64% from the stock’s previous close.

Several other research firms have also issued reports on WABC. Keefe, Bruyette & Woods lowered their price target on shares of Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, January 19th. StockNews.com lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday.

Westamerica Bancorporation Price Performance

Shares of NASDAQ WABC traded up $0.90 during mid-day trading on Friday, reaching $46.45. 56,482 shares of the company’s stock traded hands, compared to its average volume of 155,920. Westamerica Bancorporation has a 1-year low of $35.52 and a 1-year high of $57.96. The stock has a market cap of $1.24 billion, a P/E ratio of 7.68 and a beta of 0.56. The business has a 50-day simple moving average of $46.84 and a 200 day simple moving average of $48.95.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.39 by ($0.02). The firm had revenue of $78.84 million for the quarter, compared to analysts’ expectations of $77.34 million. Westamerica Bancorporation had a return on equity of 23.61% and a net margin of 49.39%. Equities research analysts anticipate that Westamerica Bancorporation will post 5.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO David L. Payne sold 8,728 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total value of $444,691.60. Following the completion of the transaction, the chief executive officer now directly owns 333,689 shares in the company, valued at approximately $17,001,454.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Westamerica Bancorporation news, CEO David L. Payne sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $49.51, for a total transaction of $495,100.00. Following the completion of the sale, the chief executive officer now directly owns 268,689 shares in the company, valued at approximately $13,302,792.39. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David L. Payne sold 8,728 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $50.95, for a total transaction of $444,691.60. Following the sale, the chief executive officer now directly owns 333,689 shares in the company, valued at approximately $17,001,454.55. The disclosure for this sale can be found here. Insiders sold a total of 45,000 shares of company stock worth $2,213,458 in the last three months. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Westamerica Bancorporation

Institutional investors have recently made changes to their positions in the stock. Jupiter Asset Management Ltd. raised its stake in Westamerica Bancorporation by 8.3% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 186,356 shares of the financial services provider’s stock worth $8,060,000 after acquiring an additional 14,206 shares during the period. Kennedy Capital Management LLC bought a new stake in shares of Westamerica Bancorporation during the third quarter valued at approximately $2,990,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Westamerica Bancorporation by 44.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,088 shares of the financial services provider’s stock valued at $220,000 after buying an additional 1,562 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Westamerica Bancorporation by 53.3% in the third quarter. Los Angeles Capital Management LLC now owns 26,514 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 9,220 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Westamerica Bancorporation by 5.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 282,025 shares of the financial services provider’s stock worth $12,198,000 after purchasing an additional 13,758 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

About Westamerica Bancorporation

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.