Wall Street Zen Upgrades Westamerica Bancorporation (NASDAQ:WABC) to Hold

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

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

Westamerica Bancorporation Price Performance

WABC stock opened at $49.86 on Friday. 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 firm’s 50-day moving average price is $48.50 and its two-hundred day moving average price is $48.74. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $53.85.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.05. Westamerica Bancorporation had a return on equity of 12.55% and a net margin of 42.75%.The company had revenue of $63.55 million for the quarter, compared to analysts’ expectations of $61.90 million. As a group, equities analysts predict that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Westamerica Bancorporation declared that its board has authorized a share repurchase program 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 buy up to 0.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in WABC. Voya Investment Management LLC lifted its stake in shares of Westamerica Bancorporation by 54.6% during the 1st quarter. Voya Investment Management LLC now owns 40,654 shares of the financial services provider’s stock valued at $2,058,000 after buying an additional 14,362 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Westamerica Bancorporation during the third quarter valued at about $5,831,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Westamerica Bancorporation in the second quarter valued at about $241,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Westamerica Bancorporation by 87.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after acquiring an additional 144,405 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Westamerica Bancorporation by 162.8% in the third quarter. CWM LLC now owns 19,585 shares of the financial services provider’s stock worth $979,000 after acquiring an additional 12,133 shares during the period. Hedge funds and other institutional investors 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.