Westamerica Bancorporation (NASDAQ:WABC) Rating Reiterated by Keefe, Bruyette & Woods

Westamerica Bancorporation (NASDAQ:WABC)‘s stock had its “market perform” rating restated by equities researchers at Keefe, Bruyette & Woods in a report issued on Monday, Benzinga reports. They currently have a $57.00 price target on the financial services provider’s stock, down from their prior price target of $58.00. Keefe, Bruyette & Woods’ target price points to a potential upside of 19.35% from the company’s previous close.

Several other analysts have also commented on the stock. Piper Sandler decreased their price target on shares of Westamerica Bancorporation from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. StockNews.com lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th.

Westamerica Bancorporation Price Performance

NASDAQ:WABC opened at $47.76 on Monday. Westamerica Bancorporation has a 1-year low of $35.52 and a 1-year high of $57.96. The company has a 50-day moving average of $46.97 and a 200 day moving average of $49.11. The firm has a market cap of $1.27 billion, a PE ratio of 8.07 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02). Westamerica Bancorporation had a return on equity of 21.99% and a net margin of 48.35%. The business had revenue of $78.84 million during the quarter, compared to analysts’ expectations of $77.34 million. Sell-side analysts anticipate that Westamerica Bancorporation will post 5.3 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO David L. Payne sold 15,000 shares of the stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $49.75, for a total value of $746,250.00. Following the transaction, the chief executive officer now owns 288,689 shares in the company, valued at approximately $14,362,277.75. The sale was disclosed in a filing with the SEC, which is available through this link. In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $46.79, for a total value of $527,416.88. Following the sale, the chief executive officer now owns 242,417 shares in the company, valued at approximately $11,342,691.43. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO David L. Payne sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $49.75, for a total value of $746,250.00. Following the completion of the sale, the chief executive officer now owns 288,689 shares in the company, valued at approximately $14,362,277.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,272 shares of company stock worth $1,768,767. 5.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. lifted its position in shares of Westamerica Bancorporation by 20.8% during the 3rd quarter. American Century Companies Inc. now owns 1,198,333 shares of the financial services provider’s stock valued at $51,828,000 after buying an additional 206,376 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Westamerica Bancorporation by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 782,733 shares of the financial services provider’s stock valued at $44,155,000 after purchasing an additional 21,547 shares in the last quarter. Clifford Capital Partners LLC lifted its holdings in Westamerica Bancorporation by 4.1% in the 3rd quarter. Clifford Capital Partners LLC now owns 313,838 shares of the financial services provider’s stock valued at $13,573,000 after purchasing an additional 12,316 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Westamerica Bancorporation by 6.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 300,322 shares of the financial services provider’s stock valued at $16,941,000 after purchasing an additional 18,297 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its holdings in Westamerica Bancorporation by 8.3% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 186,356 shares of the financial services provider’s stock valued at $8,060,000 after purchasing an additional 14,206 shares in 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.