Westamerica Bancorporation (NASDAQ:WABC) Downgraded by StockNews.com to “Sell”

StockNews.com downgraded shares of Westamerica Bancorporation (NASDAQ:WABC) from a hold rating to a sell rating in a research report sent to investors on Friday.

A number of other brokerages have also weighed in on WABC. Piper Sandler reduced their price target on Westamerica Bancorporation from $51.00 to $50.00 and set a neutral rating on the stock in a research note on Friday, April 19th. Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $57.00 target price (down from $58.00) on shares of Westamerica Bancorporation in a research report on Monday, April 22nd.

Westamerica Bancorporation Price Performance

WABC stock opened at $48.53 on Friday. Westamerica Bancorporation has a 1 year low of $38.10 and a 1 year high of $57.96. The firm has a market cap of $1.29 billion, a P/E ratio of 8.20 and a beta of 0.56. The stock’s 50 day moving average price is $48.06 and its 200 day moving average price is $49.03. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.23 and a current ratio of 0.23.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, April 25th. 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 for the quarter, compared to analysts’ expectations of $77.34 million. On average, sell-side analysts expect that Westamerica Bancorporation will post 5.25 earnings per share for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were issued a $0.44 dividend. The ex-dividend date was Friday, May 3rd. This represents a $1.76 annualized dividend and a yield of 3.63%. Westamerica Bancorporation’s dividend payout ratio is currently 29.73%.

Insider Activity at Westamerica Bancorporation

In other news, SVP George S. Ensinger sold 635 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $47.61, for a total transaction of $30,232.35. Following the completion of the sale, the senior vice president now directly owns 4,073 shares in the company, valued at $193,915.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO John A. Thorson sold 1,100 shares of Westamerica Bancorporation stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $47.24, for a total transaction of $51,964.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP George S. Ensinger sold 635 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $47.61, for a total value of $30,232.35. Following the completion of the sale, the senior vice president now directly owns 4,073 shares of the company’s stock, valued at $193,915.53. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Westamerica Bancorporation by 0.6% in the first quarter. Vanguard Group Inc. now owns 3,512,538 shares of the financial services provider’s stock valued at $171,693,000 after acquiring an additional 19,654 shares during the period. American Century Companies Inc. boosted its position in shares of Westamerica Bancorporation by 20.8% during the third quarter. American Century Companies Inc. now owns 1,198,333 shares of the financial services provider’s stock worth $51,828,000 after buying an additional 206,376 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Westamerica Bancorporation by 2.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 782,733 shares of the financial services provider’s stock worth $44,155,000 after buying an additional 21,547 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Westamerica Bancorporation by 6.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 300,322 shares of the financial services provider’s stock worth $16,941,000 after buying an additional 18,297 shares during the period. Finally, Kennedy Capital Management LLC boosted its position in shares of Westamerica Bancorporation by 70.2% during the first quarter. Kennedy Capital Management LLC now owns 252,177 shares of the financial services provider’s stock worth $12,326,000 after buying an additional 104,029 shares during the period. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

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.