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Westamerica Bancorp (WABC)
by Zacks Equity ResearchNovember 14, 2012 | Comments : 0 Recommended this article: (0)
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Westamerica's average interest earnings assets of $4.11 billion in the first nine months of 2012 declined 0.4% from the prior-year period. We don t expect any significant improvement in interest earnings assets in the near term, given the weak interest rates and low investment returns amid the ongoing sluggish economic recovery.
Our six-month target price of $40.00 equates to about 13.6x the Zacks Consensus Estimate for 2012. Combined with the $1.48 per share annual dividend, this price target implies an expected negative total return of 7.6% over that period, which is consistent with our long-term Underperform recommendation on the shares.
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