Westamerica Bancorporation (NASDAQ:WABC) Short Interest Update

Westamerica Bancorporation (NASDAQ:WABC) was the target of a significant decline in short interest in January. As of January 15th, there was short interest totaling 396,990 shares, a decline of 17.5% from the December 31st total of 481,160 shares. Based on an average daily trading volume, of 145,118 shares, the days-to-cover ratio is currently 2.7 days. Approximately 1.7% of the company’s stock are sold short. Approximately 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 145,118 shares, the days-to-cover ratio is currently 2.7 days.

Westamerica Bancorporation Trading Down 0.0%

WABC opened at $51.13 on Wednesday. The company has a quick ratio of 0.29, a current ratio of 0.26 and a debt-to-equity ratio of 0.14. Westamerica Bancorporation has a 52 week low of $42.00 and a 52 week high of $52.84. The business’s 50 day moving average is $49.17 and its two-hundred day moving average is $48.69. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 11.31 and a beta of 0.62.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, January 15th. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. The business had revenue of $66.05 million for the quarter, compared to analyst estimates of $61.90 million. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. On average, research analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation announced that its Board of Directors has approved a share repurchase plan on Thursday, December 18th that allows the company to repurchase $2.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Westamerica Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Monday, February 2nd will be paid a $0.46 dividend. The ex-dividend date is Monday, February 2nd. This represents a $1.84 dividend on an annualized basis and a yield of 3.6%. Westamerica Bancorporation’s payout ratio is currently 40.71%.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co raised its stake in Westamerica Bancorporation by 0.7% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider’s stock valued at $1,570,000 after acquiring an additional 213 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Westamerica Bancorporation by 4.9% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 5,833 shares of the financial services provider’s stock worth $283,000 after purchasing an additional 274 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Westamerica Bancorporation by 6.3% during the third quarter. US Bancorp DE now owns 4,918 shares of the financial services provider’s stock worth $246,000 after purchasing an additional 290 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Westamerica Bancorporation by 5.2% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,722 shares of the financial services provider’s stock worth $326,000 after purchasing an additional 331 shares during the period. Finally, MAI Capital Management grew its position in Westamerica Bancorporation by 126.1% in the 2nd quarter. MAI Capital Management now owns 866 shares of the financial services provider’s stock valued at $42,000 after buying an additional 483 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on WABC shares. Wall Street Zen upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their target price on Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Westamerica Bancorporation has a consensus rating of “Hold” and a consensus target price of $52.50.

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.