Maxim Group Keeps Their Hold Rating on Westamerica Bancorporation (WABC)

By Ryan Adsit

Maxim Group analyst Michael Diana maintained a Hold rating on Westamerica Bancorporation (WABCResearch Report) yesterday. The company’s shares closed yesterday at $61.36.

Diana wrote:

“WABC’s core performance metrics were, as usual, very strong. The 2Q19 NIM was slightly wider (slightly higher yields on earning assets, same cost of deposits/other funding). We expect a modest decrease in the NIM if the Fed cuts rates once. We are lowering our 2020 EPS estimate to $2.95, from $3.00. Lack of loan growth remains WABC’s greatest challenge, so we are maintaining our Hold rating.”

According to TipRanks.com, Diana is a 5-star analyst with an average return of 7.1% and a 57.8% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.

Westamerica Bancorporation has an analyst consensus of Hold.

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Based on Westamerica Bancorporation’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $19.63 million. In comparison, last year the company had a net profit of $18.01 million.

Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock.

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Westamerica Bancorporation operates as a bank holding company. It provides range of banking services to individual and corporate customers in Northern and Central California.