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

Westamerica Bancorporation (NASDAQ:WABC) had its target price lowered by Piper Sandler from $54.00 to $50.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Westamerica Bancorporation Stock Up 1.2 %

Shares of WABC opened at $47.75 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.26 and a current ratio of 0.27. The company has a 50-day simple moving average of $48.91 and a 200-day simple moving average of $51.58. Westamerica Bancorporation has a 52 week low of $42.00 and a 52 week high of $59.97. The firm has a market capitalization of $1.28 billion, a P/E ratio of 9.18 and a beta of 0.63.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.07. Westamerica Bancorporation had a return on equity of 16.15% and a net margin of 44.55%. The firm had revenue of $66.71 million for the quarter, compared to analyst estimates of $66.47 million. On average, equities research analysts expect that Westamerica Bancorporation will post 4.35 earnings per share for the current year.

Institutional Investors Weigh In On Westamerica Bancorporation

Institutional investors have recently bought and sold shares of the business. Golden State Wealth Management LLC lifted its holdings in shares of Westamerica Bancorporation by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,490 shares of the financial services provider’s stock worth $126,000 after acquiring an additional 1,245 shares during the period. SG Americas Securities LLC raised its position in Westamerica Bancorporation by 64.8% in the first quarter. SG Americas Securities LLC now owns 8,363 shares of the financial services provider’s stock worth $423,000 after purchasing an additional 3,288 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Westamerica Bancorporation by 43.7% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 6,698 shares of the financial services provider’s stock worth $339,000 after purchasing an additional 2,036 shares during the period. GAMMA Investing LLC lifted its stake in Westamerica Bancorporation by 4,946.6% during the first quarter. GAMMA Investing LLC now owns 109,310 shares of the financial services provider’s stock worth $5,534,000 after purchasing an additional 107,144 shares during the period. Finally, Total Wealth Planning & Management Inc. acquired a new stake in Westamerica Bancorporation during the fourth quarter valued at approximately $684,000. Institutional investors and hedge funds 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.