Westamerica Bancorp (WABC)
by Zacks Equity ResearchJune 12, 2012 | Comments : 0 Recommended this article: (0)
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On a price-to-book basis, the shares currently trade at 2.3x, a substantial premium to the industry average of 1.0x. The valuation on a price-to-book basis looks reasonable, given a trailing 12-month ROE of 15.6% versus industry average of 6.1%.
Our six-month target price of $41.00 equates to about 13.4x 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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