Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Westamerica Bancorporation (NASDAQ:WABC) Stock

Westamerica Bancorporation (NASDAQ:WABC) had its target price upped by investment analysts at Keefe, Bruyette & Woods from $55.00 to $58.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 7.99% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. Wall Street Zen downgraded shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $54.00.

Westamerica Bancorporation Stock Up 0.8%

Westamerica Bancorporation stock opened at $53.71 on Friday. The business’s 50-day simple moving average is $51.72 and its 200 day simple moving average is $49.64. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 11.88 and a beta of 0.57. Westamerica Bancorporation has a 12-month low of $44.93 and a 12-month high of $54.71.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. The company had revenue of $62.30 million during the quarter, compared to analyst estimates of $60.70 million. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%. As a group, sell-side analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation declared that its board has authorized a stock buyback plan on Thursday, December 18th that allows the company to buyback $2.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Westamerica Bancorporation

Institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. bought a new position in shares of Westamerica Bancorporation during the 3rd quarter valued at about $5,831,000. Y Intercept Hong Kong Ltd lifted its stake in Westamerica Bancorporation by 285.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 58,718 shares of the financial services provider’s stock valued at $2,935,000 after acquiring an additional 43,500 shares in the last quarter. CWM LLC lifted its stake in Westamerica Bancorporation by 162.8% in the 3rd quarter. CWM LLC now owns 19,585 shares of the financial services provider’s stock valued at $979,000 after acquiring an additional 12,133 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Westamerica Bancorporation by 43.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 98,266 shares of the financial services provider’s stock valued at $4,912,000 after acquiring an additional 29,964 shares in the last quarter. Finally, Summit Global Investments acquired a new position in shares of Westamerica Bancorporation during the 3rd quarter worth approximately $838,000. Institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.