Westamerica Bancorporation (NASDAQ:WABC) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Westamerica Bancorporation (NASDAQ:WABC) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

Other equities analysts have also issued research reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their price objective on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Westamerica Bancorporation has a consensus rating of “Hold” and a consensus target price of $52.50.

Westamerica Bancorporation Trading Up 0.1%

Shares of NASDAQ:WABC opened at $52.21 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.29 and a current ratio of 0.26. The stock’s 50-day moving average is $49.87 and its 200-day moving average is $48.87. The company has a market cap of $1.30 billion, a P/E ratio of 11.55 and a beta of 0.62. Westamerica Bancorporation has a 52-week low of $42.00 and a 52-week high of $53.36.

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

Westamerica Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, February 2nd. Westamerica Bancorporation’s payout ratio is 40.71%.

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

Institutional Investors Weigh In On Westamerica Bancorporation

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in Westamerica Bancorporation by 6.8% during the 1st quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 1,183 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Westamerica Bancorporation by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 642 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Westamerica Bancorporation in the first quarter valued at $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Westamerica Bancorporation by 9.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock valued at $3,243,000 after buying an additional 5,293 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in Westamerica Bancorporation by 815.8% during the 1st quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock worth $3,416,000 after buying an additional 60,102 shares in the last quarter. 81.89% of the stock is owned by institutional investors and hedge funds.

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.