Westamerica Bancorp (WABC)
by Zacks Equity ResearchMarch 12, 2012 | Comments : 0 Recommended this article: (0)
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Results were negatively impacted by reduced revenues, partially offset by lower non-interest expenses. The company's credit quality continued to show improvement in the quarter. We believe that a weak interest rate environment, and low investment returns will restrict any significant bottom-line improvement in the near term.
Our six-month target price of $43.00 equates to about 14.0x our earnings estimate for 2012. Combined with the $1.48 per share annual dividend, this price target implies an expected negative return of 8.5% over that period, which is consistent with our long-term Underperform recommendation on the shares.
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