Westamerica Bancorporation (NASDAQ:WABC) Sees Significant Growth in Short Interest

Westamerica Bancorporation (NASDAQ:WABC) was the target of a significant growth in short interest in March. As of March 13th, there was short interest totaling 641,904 shares, a growth of 33.4% from the February 26th total of 481,170 shares. Based on an average daily trading volume, of 183,800 shares, the days-to-cover ratio is presently 3.5 days. Approximately 2.8% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Wall Street Zen cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings raised Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $52.50.

Institutional Investors Weigh In On Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. increased its position in Westamerica Bancorporation by 201.1% during the third quarter. Hantz Financial Services Inc. now owns 840 shares of the financial services provider’s stock worth $42,000 after buying an additional 561 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Westamerica Bancorporation by 354.3% during the second quarter. EverSource Wealth Advisors LLC now owns 854 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 666 shares during the last quarter. MAI Capital Management boosted its stake in shares of Westamerica Bancorporation by 126.1% during the second quarter. MAI Capital Management now owns 866 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 483 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Westamerica Bancorporation by 49.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,055 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 351 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in Westamerica Bancorporation by 7,286.7% during the 4th quarter. Quadrant Capital Group LLC now owns 1,108 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 1,093 shares in the last quarter. Institutional investors and hedge funds own 81.89% of the company’s stock.

Westamerica Bancorporation Stock Performance

Shares of NASDAQ:WABC traded up $0.47 during trading hours on Tuesday, reaching $51.89. The stock had a trading volume of 61,257 shares, compared to its average volume of 183,316. Westamerica Bancorporation has a 1 year low of $42.00 and a 1 year high of $53.48. The firm’s 50 day moving average is $51.13 and its 200-day moving average is $49.28. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 11.48 and a beta of 0.61.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.05. The firm had revenue of $63.31 million during the quarter, compared to analysts’ expectations of $61.90 million. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%. Analysts forecast that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation announced that its Board of Directors has approved a share buyback plan on Thursday, December 18th that permits the company to repurchase $2.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 0.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Westamerica Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $1.84 annualized dividend and a dividend yield of 3.5%. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 40.71%.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.