Westamerica Bancorporation (NASDAQ:WABC – Get Free Report) had its price objective lifted by investment analysts at Keefe, Bruyette & Woods from $64.00 to $65.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 6.00% from the company’s current price.
Other analysts have also issued research reports about the stock. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Wall Street Zen raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Westamerica Bancorporation has an average rating of “Moderate Buy” and an average target price of $65.00.
Check Out Our Latest Analysis on Westamerica Bancorporation
Westamerica Bancorporation Trading Up 0.7%
Shares of Westamerica Bancorporation stock traded up $0.42 during mid-day trading on Friday, hitting $61.32. 114,105 shares of the stock were exchanged, compared to its average volume of 190,503. Westamerica Bancorporation has a twelve month low of $45.74 and a twelve month high of $63.61. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 13.49 and a beta of 0.56. The company has a 50-day simple moving average of $59.07 and a 200 day simple moving average of $57.47.
Westamerica Bancorporation (NASDAQ:WABC – Get Free Report) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.05. The business had revenue of $64.05 million during the quarter, compared to analyst estimates of $63.10 million. Westamerica Bancorporation had a net margin of 41.71% and a return on equity of 12.31%. During the same quarter in the previous year, the business posted $1.12 earnings per share.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Westamerica Bancorporation in the second quarter worth approximately $195,706,000. Dimensional Fund Advisors LP increased its position in Westamerica Bancorporation by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 944,699 shares of the financial services provider’s stock worth $49,265,000 after purchasing an additional 47,127 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Westamerica Bancorporation during the second quarter worth approximately $12,407,000. Renaissance Technologies LLC raised its stake in Westamerica Bancorporation by 59.6% during the first quarter. Renaissance Technologies LLC now owns 152,431 shares of the financial services provider’s stock worth $7,949,000 after purchasing an additional 56,900 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Westamerica Bancorporation by 3.9% during the first quarter. Principal Financial Group Inc. now owns 151,149 shares of the financial services provider’s stock worth $7,882,000 after purchasing an additional 5,616 shares during the period. Institutional investors and hedge funds own 81.89% of the company’s stock.
Westamerica Bancorporation Company Profile
Westamerica Bancorporation is a bank holding company headquartered in San Rafael, California. Its principal subsidiary, Westamerica Bank, is a community bank serving individuals, businesses, nonprofit organizations and public entities in Northern and Central California.
Westamerica Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, commercial and consumer loans, residential and commercial real estate financing, and lines of credit.
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