Westamerica Bancorporation (NASDAQ:WABC) Trading Down 3.8% on Analyst Downgrade

Westamerica Bancorporation (NASDAQ:WABCGet Free Report) traded down 3.8% on Friday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $49.72 and last traded at $50.11. 13,804 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 119,096 shares. The stock had previously closed at $52.11.

WABC has been the subject of a number of other research reports. TheStreet raised Westamerica Bancorporation from a “c+” rating to a “b-” rating in a report on Wednesday, November 22nd. Piper Sandler decreased their target price on Westamerica Bancorporation from $56.00 to $55.00 and set a “neutral” rating for the company in a report on Friday. Finally, Keefe, Bruyette & Woods reduced their price target on Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating for the company in a research report on Friday.

Read Our Latest Report on WABC

Institutional Trading of Westamerica Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in shares of Westamerica Bancorporation in the fourth quarter valued at approximately $31,000. Point72 Middle East FZE purchased a new stake in shares of Westamerica Bancorporation during the second quarter worth approximately $34,000. CWM LLC increased its position in shares of Westamerica Bancorporation by 247.9% during the second quarter. CWM LLC now owns 1,061 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 756 shares in the last quarter. Money Concepts Capital Corp purchased a new stake in shares of Westamerica Bancorporation during the fourth quarter worth approximately $70,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Westamerica Bancorporation by 91.0% during the second quarter. PNC Financial Services Group Inc. now owns 1,293 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 616 shares in the last quarter. 75.11% of the stock is currently owned by hedge funds and other institutional investors.

Westamerica Bancorporation Stock Down 4.5 %

The stock has a market capitalization of $1.33 billion, a PE ratio of 8.22 and a beta of 0.60. The company has a 50-day moving average of $53.39 and a 200 day moving average of $47.99.

Westamerica Bancorporation (NASDAQ:WABCGet Free Report) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $1.55 EPS for the quarter, topping the consensus estimate of $1.49 by $0.06. The firm had revenue of $83.00 million during the quarter, compared to analysts’ expectations of $79.84 million. Westamerica Bancorporation had a return on equity of 24.75% and a net margin of 49.39%. As a group, equities analysts predict that Westamerica Bancorporation will post 5.45 EPS for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Monday, November 6th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.53%. The ex-dividend date was Friday, November 3rd. Westamerica Bancorporation’s payout ratio is 29.04%.

Westamerica Bancorporation Company Profile

(Get Free Report)

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.

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