Westamerica Bancorporation (NASDAQ:WABC) PT Lowered to $45.00

Posted by Defense World Staff on Apr 23rd, 2023

Westamerica Bancorporation (NASDAQ:WABC – Get Rating) had its target price dropped by equities research analysts at Piper Sandler from $50.00 to $45.00 in a note issued to investors on Friday, The Fly reports. Piper Sandler’s target price suggests a potential upside of 9.86% from the company’s current price.

Other analysts also recently issued reports about the company. TheStreet downgraded Westamerica Bancorporation from a “b-” rating to a “c+” rating in a report on Tuesday, April 4th. Keefe, Bruyette & Woods lowered their price target on Westamerica Bancorporation from $72.00 to $55.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Finally, StockNews.com downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, March 28th.

Westamerica Bancorporation Trading Down 0.5 %

NASDAQ WABC opened at $40.96 on Friday. The business’s 50 day moving average is $48.60 and its two-hundred day moving average is $54.85. Westamerica Bancorporation has a 12-month low of $40.15 and a 12-month high of $63.86. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 9.04 and a beta of 0.61.

Westamerica Bancorporation (NASDAQ:WABC – Get Rating) last posted its earnings results on Thursday, January 19th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.46. Westamerica Bancorporation had a return on equity of 23.66% and a net margin of 47.95%. The firm had revenue of $79.19 million for the quarter, compared to analyst estimates of $78.64 million. Equities analysts forecast that Westamerica Bancorporation will post 6.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Westamerica Bancorporation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFG Advisory LLC bought a new stake in Westamerica Bancorporation during the fourth quarter worth approximately $268,000. Victory Capital Management Inc. increased its holdings in shares of Westamerica Bancorporation by 60.3% in the third quarter. Victory Capital Management Inc. now owns 164,379 shares of the financial services provider’s stock valued at $8,595,000 after buying an additional 61,807 shares in the last quarter. TD Asset Management Inc. increased its holdings in shares of Westamerica Bancorporation by 29.1% in the third quarter. TD Asset Management Inc. now owns 95,000 shares of the financial services provider’s stock valued at $5,006,000 after buying an additional 21,400 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Westamerica Bancorporation in the third quarter valued at $1,903,000. Finally, Clifford Capital Partners LLC increased its holdings in shares of Westamerica Bancorporation by 0.3% in the third quarter. Clifford Capital Partners LLC now owns 151,265 shares of the financial services provider’s stock valued at $7,910,000 after buying an additional 453 shares in the last quarter. Institutional investors own 76.65% of the company’s stock.

About Westamerica Bancorporation

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Westamerica Bancorporation operates as a bank holding company. It provides range of banking services to individual and corporate customers in Northern and Central California. It offers loans and lines of credit, online services, mobile banking, checking, savings, credit cards, cash management, overdraft services, merchant services, professional banking, bank owned property, preventing business loans, payroll services, and trust services.