Westamerica Bancorporation (NASDAQ:WABC) PT Lowered to $50.00

Westamerica Bancorporation (NASDAQ:WABC) had its price target reduced by investment analysts at Piper Sandler from $51.00 to $50.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 7.64% from the stock’s previous close.

A number of other analysts have also issued reports on the stock. StockNews.com lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday. Keefe, Bruyette & Woods cut their price target on shares of Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, January 19th.

Westamerica Bancorporation Price Performance

Shares of NASDAQ:WABC traded up $0.90 during midday trading on Friday, reaching $46.45. 56,482 shares of the company’s stock were exchanged, compared to its average volume of 155,920. The firm’s 50 day simple moving average is $46.84 and its two-hundred day simple moving average is $48.95. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 7.68 and a beta of 0.56. Westamerica Bancorporation has a fifty-two week low of $35.52 and a fifty-two week high of $57.96.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.02). The business had revenue of $78.84 million for the quarter, compared to analyst estimates of $77.34 million. Westamerica Bancorporation had a return on equity of 23.61% and a net margin of 49.39%. Equities research analysts predict that Westamerica Bancorporation will post 5.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Westamerica Bancorporation news, CEO David L. Payne sold 11,272 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $46.79, for a total value of $527,416.88. Following the transaction, the chief executive officer now directly owns 242,417 shares in the company, valued at $11,342,691.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Westamerica Bancorporation news, CEO David L. Payne sold 15,000 shares of the stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $49.75, for a total value of $746,250.00. Following the transaction, the chief executive officer now directly owns 288,689 shares in the company, valued at $14,362,277.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David L. Payne sold 11,272 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $46.79, for a total value of $527,416.88. Following the completion of the sale, the chief executive officer now directly owns 242,417 shares of the company’s stock, valued at $11,342,691.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,000 shares of company stock worth $2,213,458. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

Large investors have recently modified their holdings of the company. CWM LLC lifted its holdings in Westamerica Bancorporation by 248.3% in the first quarter. CWM LLC now owns 3,135 shares of the financial services provider’s stock valued at $153,000 after acquiring an additional 2,235 shares during the period. Beacon Financial Group acquired a new stake in Westamerica Bancorporation in the fourth quarter valued at $397,000. Price T Rowe Associates Inc. MD lifted its holdings in Westamerica Bancorporation by 0.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 53,765 shares of the financial services provider’s stock valued at $3,033,000 after acquiring an additional 480 shares during the period. Virtus Investment Advisers Inc. acquired a new stake in Westamerica Bancorporation in the fourth quarter valued at $654,000. Finally, Barclays PLC increased its position in shares of Westamerica Bancorporation by 39.6% in the fourth quarter. Barclays PLC now owns 55,863 shares of the financial services provider’s stock valued at $3,151,000 after buying an additional 15,858 shares in the last quarter. 81.89% of the stock is owned by institutional investors and hedge funds.

About Westamerica Bancorporation

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.