BidaskClub Downgrades Westamerica Bancorporation (WABC) to Sell

BidaskClub lowered shares of Westamerica Bancorporation (NASDAQ:WABC) from a hold rating to a sell rating in a research report released on Saturday morning.

WABC has been the topic of a number of other research reports. Keefe, Bruyette & Woods reiterated a hold rating and issued a $58.00 price objective on shares of Westamerica Bancorporation in a report on Friday, December 22nd. Sandler O’Neill reissued a sell rating and issued a $54.00 target price on shares of Westamerica Bancorporation in a research report on Thursday, January 4th.

Westamerica Bancorporation (NASDAQ:WABC) traded up $0.21 on Friday, hitting $58.56. The stock had a trading volume of 68,600 shares, compared to its average volume of 79,317. Westamerica Bancorporation has a fifty-two week low of $49.38 and a fifty-two week high of $64.26. The stock has a market cap of $1,541.22, a P/E ratio of 25.46 and a beta of 1.07.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. Westamerica Bancorporation had a return on equity of 10.28% and a net margin of 33.38%. The business had revenue of $45.22 million for the quarter.

In related news, VP James J. Schneck sold 6,000 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $58.86, for a total value of $353,160.00. Following the completion of the sale, the vice president now directly owns 6,025 shares of the company’s stock, valued at approximately $354,631.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John A. Thorson sold 12,468 shares of the company’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $58.80, for a total value of $733,118.40. Following the completion of the sale, the chief financial officer now directly owns 12,468 shares of the company’s stock, valued at $733,118.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,868 shares of company stock valued at $3,340,734. Insiders own 4.90% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Keel Point LLC boosted its position in shares of Westamerica Bancorporation by 0.4% in the 2nd quarter. Keel Point LLC now owns 12,495 shares of the financial services provider’s stock valued at $700,000 after purchasing an additional 46 shares during the period. Suntrust Banks Inc. lifted its position in Westamerica Bancorporation by 2.7% during the 2nd quarter. Suntrust Banks Inc. now owns 5,916 shares of the financial services provider’s stock worth $331,000 after acquiring an additional 158 shares during the period. Thrivent Financial For Lutherans lifted its position in Westamerica Bancorporation by 5.8% during the 2nd quarter. Thrivent Financial For Lutherans now owns 15,800 shares of the financial services provider’s stock worth $885,000 after acquiring an additional 860 shares during the period. The Manufacturers Life Insurance Company lifted its position in Westamerica Bancorporation by 4.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,044 shares of the financial services provider’s stock worth $1,124,000 after acquiring an additional 882 shares during the period. Finally, Voya Investment Management LLC lifted its position in Westamerica Bancorporation by 8.1% during the 2nd quarter. Voya Investment Management LLC now owns 12,219 shares of the financial services provider’s stock worth $685,000 after acquiring an additional 918 shares during the period. 85.95% of the stock is owned by hedge funds and other institutional investors.

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Westamerica Bancorporation Company Profile

Westamerica Bancorporation is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank. The communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south.

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