Westamerica Bancorporation (NASDAQ:WABC) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Thursday.

Separately, Maxim Group reissued a “hold” rating on shares of Westamerica Bancorporation in a research report on Monday, July 23rd. Three investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company presently has a consensus rating of “Sell” and an average price target of $54.67.

Shares of WABC opened at $56.31 on Thursday. Westamerica Bancorporation has a one year low of $53.26 and a one year high of $64.76. The stock has a market capitalization of $1.60 billion, a PE ratio of 24.26 and a beta of 1.05.

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

Westamerica Bancorporation declared that its Board of Directors has approved a share repurchase plan on Thursday, July 26th that permits the company to repurchase 1,750,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

In other 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 owns 18,787 shares of the company’s stock, valued at approximately $1,121,771.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.50% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of WABC. Tower Research Capital LLC TRC lifted its stake in shares of Westamerica Bancorporation by 318.3% during the 2nd 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. Wealthsource Partners LLC acquired a new stake in shares of Westamerica Bancorporation during the 2nd quarter worth about $210,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Westamerica Bancorporation during the 2nd quarter worth about $318,000. SG Americas Securities LLC acquired a new stake in shares of Westamerica Bancorporation during the 2nd quarter worth about $319,000. Finally, Xact Kapitalforvaltning AB lifted its stake in shares of Westamerica Bancorporation by 24.3% during the 1st quarter. Xact Kapitalforvaltning AB now owns 6,130 shares of the financial services provider’s stock worth $356,000 after buying an additional 1,200 shares during the last quarter. Institutional investors own 87.69% of the company’s stock.

About Westamerica Bancorporation

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.

Further Reading: Yield Curve

Receive News & Ratings for Westamerica Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westamerica Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.