2024-04-20 12:59:10 ET
Summary
- WABC's balance sheet growth seems difficult this year because of a tough regional economic environment.
- The margin will suffer this year because of interest rate cuts and sticky deposit costs.
- I’m expecting earnings to dip by 10.8% year-over-year in 2024.
- Despite the earnings outlook, the dividend appears secure. WABC is offering a decent dividend yield of 3.8%.
- The year-end target price suggests a high-single-digit upside.
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Westamerica Bancorporation: Market's Overreaction Creates Opportunity