BidaskClub cut shares of Westamerica Bancorporation (NASDAQ:WABC) from a buy rating to a hold rating in a research note published on Saturday.

Separately, Maxim Group reissued a hold rating on shares of Westamerica Bancorporation in a research note on Monday, July 23rd. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company has an average rating of Hold and an average target price of $54.67.

NASDAQ:WABC opened at $64.50 on Friday. Westamerica Bancorporation has a one year low of $49.38 and a one year high of $64.76. The stock has a market cap of $1.71 billion, a P/E ratio of 25.82 and a beta of 1.05.

Westamerica Bancorporation (NASDAQ:WABC) last posted its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. Westamerica Bancorporation had a net margin of 28.19% and a return on equity of 11.15%. The business had revenue of $46.89 million for the quarter.

The company also recently announced a quarterly dividend, which was paid on Friday, August 17th. Shareholders of record on Monday, August 6th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $1.60 annualized dividend and a yield of 2.48%.

Westamerica Bancorporation declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 26th that permits the company to repurchase 1,750,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

In other Westamerica Bancorporation news, SVP Dennis R. Hansen sold 16,467 shares of Westamerica Bancorporation stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $59.71, for a total value of $983,244.57. Following the completion of the transaction, the senior vice president now directly owns 18,787 shares of the company’s stock, valued at $1,121,771.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.50% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in Westamerica Bancorporation by 318.3% in the second quarter. Tower Research Capital LLC TRC now owns 2,238 shares of the financial services provider’s stock worth $126,000 after buying an additional 1,703 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Westamerica Bancorporation by 115.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,723 shares of the financial services provider’s stock worth $158,000 after buying an additional 1,458 shares during the last quarter. Wealthsource Partners LLC purchased a new position in Westamerica Bancorporation in the second quarter worth about $210,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Westamerica Bancorporation in the second quarter worth about $318,000. Finally, SG Americas Securities LLC purchased a new position in Westamerica Bancorporation in the second quarter worth about $319,000. 88.27% of the stock is owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for 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 to local businesses and professionals.

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