Westamerica Bancorporation (NASDAQ:WABC) Upgraded to "Hold" at StockNews.com

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) was upgraded by investment analysts at StockNews.com from a "sell" rating to a "hold" rating in a research report issued on Thursday.

Other research analysts also recently issued reports about the company. Maxim Group downgraded Westamerica Bancorporation from a "buy" rating to a "hold" rating in a research note on Monday, July 22nd. Piper Sandler upped their price objective on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the stock a "neutral" rating in a research report on Friday, July 19th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Westamerica Bancorporation currently has a consensus rating of "Hold" and an average price target of $57.00.

Westamerica Bancorporation Stock Performance

WABC traded up $0.80 on Thursday, reaching $51.92. The stock had a trading volume of 132,451 shares, compared to its average volume of 130,788. The business's 50-day moving average price is $49.72 and its two-hundred day moving average price is $49.28. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.37. Westamerica Bancorporation has a 12-month low of $43.82 and a 12-month high of $58.49. The company has a market cap of $1.39 billion, a P/E ratio of 9.05 and a beta of 0.55.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.03. The firm had revenue of $79.57 million during the quarter, compared to analyst estimates of $74.28 million. Westamerica Bancorporation had a return on equity of 20.17% and a net margin of 47.12%. Sell-side analysts forecast that Westamerica Bancorporation will post 5.2 earnings per share for the current year.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of large investors have recently modified their holdings of the business. Kimelman & Baird LLC purchased a new position in shares of Westamerica Bancorporation in the second quarter worth about $36,000. EntryPoint Capital LLC acquired a new stake in Westamerica Bancorporation in the 1st quarter valued at about $75,000. GAMMA Investing LLC lifted its stake in Westamerica Bancorporation by 13.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,862 shares of the financial services provider's stock worth $90,000 after purchasing an additional 226 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Westamerica Bancorporation during the 1st quarter worth approximately $113,000. Finally, SageView Advisory Group LLC purchased a new stake in shares of Westamerica Bancorporation in the first quarter valued at approximately $140,000. Hedge funds and other institutional investors own 81.89% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.