BidaskClub Upgrades Westamerica Bancorporation (WABC) to Sell

Westamerica Bancorporation (NASDAQ:WABC) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Separately, Maxim Group restated a “hold” rating on shares of Westamerica Bancorporation in a report on Monday, July 23rd. Three analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The company currently has a consensus rating of “Sell” and a consensus target price of $54.67.

Shares of NASDAQ:WABC opened at $56.31 on Thursday. Westamerica Bancorporation has a 12 month low of $53.26 and a 12 month high of $64.76. The firm has a market cap of $1.60 billion, a P/E ratio of 24.26 and a beta of 1.05.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.67 EPS for the quarter, hitting analysts’ consensus estimates of $0.67. Westamerica Bancorporation had a net margin of 28.19% and a return on equity of 11.15%. The business had revenue of $46.89 million for the quarter.

Westamerica Bancorporation announced that its Board of Directors has approved a share repurchase program on Thursday, July 26th that authorizes the company to buyback 1,750,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

In related news, SVP Dennis R. Hansen sold 16,467 shares of the firm’s stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $59.71, for a total transaction of $983,244.57. Following the sale, the senior vice president now directly owns 18,787 shares in the company, valued at $1,121,771.77. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.50% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in WABC. Tower Research Capital LLC TRC grew its position in Westamerica Bancorporation by 318.3% in the second quarter. Tower Research Capital LLC TRC now owns 2,238 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,703 shares in the last quarter. Wealthsource Partners LLC bought a new position in Westamerica Bancorporation in the second quarter valued at $210,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Westamerica Bancorporation in the second quarter valued at $318,000. SG Americas Securities LLC bought a new position in Westamerica Bancorporation in the second quarter valued at $319,000. Finally, Xact Kapitalforvaltning AB grew its position in Westamerica Bancorporation by 24.3% in the first quarter. Xact Kapitalforvaltning AB now owns 6,130 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 1,200 shares in the last quarter. 87.69% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for 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 to local businesses and professionals.

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