Westamerica Bancorporation (NASDAQ:WABC) Rating Increased to Buy at Zacks Investment Research

Westamerica Bancorporation (NASDAQ:WABC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has a $64.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.62% from the company’s previous close.

According to Zacks, “Westamerica Bancorp. is a bank holding company. The company provides a full range of banking services to individual and corporate customers in Northern and Central California through its subsidiary banks, Westamerica Bank and Bank of Lake County. It also owns Westamerica Commercial Credit, Inc., a company engaged in financing accounts receivable and inventory lines of credit and term business loans and Community Banker Services Corporation, a company engaged in providing the company and its subsidiaries data processing services and other support functions. “

Separately, Maxim Group restated a “buy” rating and issued a $75.00 target price on shares of Westamerica Bancorporation in a research note on Friday, July 16th.

Shares of WABC opened at $56.33 on Tuesday. Westamerica Bancorporation has a 12 month low of $51.31 and a 12 month high of $66.85. The firm’s fifty day simple moving average is $59.95. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 17.49 and a beta of 0.69.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Wednesday, July 14th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.76 by $0.08. Westamerica Bancorporation had a return on equity of 9.94% and a net margin of 39.99%. During the same quarter last year, the firm posted $0.72 earnings per share. On average, equities research analysts forecast that Westamerica Bancorporation will post 3.2 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WABC. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Westamerica Bancorporation during the 1st quarter valued at about $136,000. Citigroup Inc. raised its stake in shares of Westamerica Bancorporation by 103.4% during the 4th quarter. Citigroup Inc. now owns 7,204 shares of the financial services provider’s stock valued at $398,000 after buying an additional 3,663 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Westamerica Bancorporation during the 4th quarter valued at about $72,000. Credit Suisse AG raised its stake in shares of Westamerica Bancorporation by 36.4% during the 4th quarter. Credit Suisse AG now owns 37,714 shares of the financial services provider’s stock valued at $2,085,000 after buying an additional 10,070 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Westamerica Bancorporation by 5.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 15,584 shares of the financial services provider’s stock valued at $862,000 after buying an additional 794 shares during the last quarter. Institutional investors and hedge funds own 74.97% 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.

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