Westamerica Bancorporation (NASDAQ:WABC) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of Westamerica Bancorporation (NASDAQ:WABC) from a sell rating to a hold rating in a research note published on Saturday morning.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Westamerica Bancorporation in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $52.00.

Westamerica Bancorporation Stock Performance

NASDAQ WABC opened at $49.86 on Friday. The company has a fifty day simple moving average of $48.50 and a 200 day simple moving average of $48.76. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $53.85. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.14. The company has a market cap of $1.24 billion, a P/E ratio of 11.03 and a beta of 0.62.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data 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. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.55%. The firm had revenue of $63.55 million during the quarter, compared to analysts’ expectations of $61.90 million. Sell-side analysts predict that Westamerica Bancorporation will post 4.35 earnings per share for the current fiscal year.

Westamerica Bancorporation declared that its board has approved a stock repurchase plan on Thursday, December 18th that permits the company to repurchase $2.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Westamerica Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Monday, November 3rd were paid a dividend of $0.46 per share. The ex-dividend date was Monday, November 3rd. This represents a $1.84 annualized dividend and a dividend yield of 3.7%. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 40.09%.

Institutional Trading of Westamerica Bancorporation

Several hedge funds have recently made changes to their positions in the company. American Century Companies Inc. grew its stake in shares of Westamerica Bancorporation by 9.3% during the 2nd quarter. American Century Companies Inc. now owns 2,019,329 shares of the financial services provider’s stock worth $97,816,000 after acquiring an additional 171,991 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Westamerica Bancorporation by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 894,194 shares of the financial services provider’s stock valued at $44,700,000 after purchasing an additional 6,473 shares during the last quarter. Millennium Management LLC boosted its position in Westamerica Bancorporation by 101.3% during the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock worth $19,956,000 after purchasing an additional 200,884 shares during the period. Arrowstreet Capital Limited Partnership increased its stake 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 worth $15,014,000 after purchasing an additional 144,405 shares in the last quarter. Finally, RBO & Co. LLC raised its position in shares of Westamerica Bancorporation by 0.8% in the second quarter. RBO & Co. LLC now owns 297,088 shares of the financial services provider’s stock valued at $14,391,000 after purchasing an additional 2,363 shares during the period. 81.89% of the stock is currently owned by institutional investors.

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.