Piper Sandler Cuts Westamerica Bancorporation (NASDAQ:WABC) Price Target to $50.00

Westamerica Bancorporation (NASDAQ:WABC) had its price target cut by Piper Sandler from $51.00 to $50.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research firms have also commented on WABC. StockNews.com lowered Westamerica Bancorporation from a hold rating to a sell rating in a research report on Tuesday, April 16th. Keefe, Bruyette & Woods lowered 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, January 19th.

Westamerica Bancorporation Trading Up 1.3 %

NASDAQ WABC opened at $47.37 on Friday. Westamerica Bancorporation has a 1-year low of $35.52 and a 1-year high of $57.96. The stock has a 50-day moving average of $46.90 and a 200-day moving average of $49.09. The firm has a market cap of $1.26 billion, a PE ratio of 8.00 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.37 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 the consensus estimate of $77.34 million. Westamerica Bancorporation had a net margin of 48.35% and a return on equity of 21.99%. As a group, equities research analysts forecast that Westamerica Bancorporation will post 5.3 earnings per share for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Monday, February 5th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend was Friday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is currently 29.73%.

Insider Transactions at Westamerica Bancorporation

In other news, CEO David L. Payne sold 11,272 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $46.79, for a total value of $527,416.88. Following the completion of the transaction, the chief executive officer now owns 242,417 shares of the company’s stock, valued at approximately $11,342,691.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO David L. Payne sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $49.51, for a total value of $495,100.00. Following the sale, the chief executive officer now owns 268,689 shares in the company, valued at approximately $13,302,792.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David L. Payne sold 11,272 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was 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 owns 242,417 shares in the company, valued at approximately $11,342,691.43. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,272 shares of company stock valued at $1,768,767. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Westamerica Bancorporation

Several hedge funds and other institutional investors have recently made changes to their positions in WABC. Global Retirement Partners LLC purchased a new stake in shares of Westamerica Bancorporation in the 4th quarter worth approximately $31,000. PNC Financial Services Group Inc. boosted its stake in Westamerica Bancorporation by 27.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,648 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 355 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Westamerica Bancorporation during the 4th quarter valued at $99,000. Strs Ohio purchased a new stake in Westamerica Bancorporation during the 4th quarter valued at $112,000. Finally, CWM LLC boosted its stake in Westamerica Bancorporation by 248.3% during the 1st quarter. CWM LLC now owns 3,135 shares of the financial services provider’s stock valued at $153,000 after purchasing an additional 2,235 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

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.