Short Interest in Westamerica Bancorporation (NASDAQ:WABC) Grows By 33.4%

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

Hedge Funds Weigh In On Westamerica Bancorporation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC acquired a new stake in Westamerica Bancorporation in the fourth quarter worth approximately $570,000. Mercer Global Advisors Inc. ADV raised its stake in shares of Westamerica Bancorporation by 22.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,631 shares of the financial services provider’s stock worth $461,000 after buying an additional 1,783 shares in the last quarter. State of Tennessee Department of Treasury lifted its holdings in shares of Westamerica Bancorporation by 60.0% in the fourth quarter. State of Tennessee Department of Treasury now owns 10,623 shares of the financial services provider’s stock valued at $537,000 after buying an additional 3,983 shares during the period. SummitTX Capital L.P. acquired a new stake in shares of Westamerica Bancorporation in the fourth quarter valued at $219,000. Finally, Numerai GP LLC boosted its stake in Westamerica Bancorporation by 29.2% during the fourth quarter. Numerai GP LLC now owns 38,346 shares of the financial services provider’s stock valued at $1,834,000 after buying an additional 8,673 shares in the last quarter. Institutional investors own 81.89% of the company’s stock.

Wall Street Analyst Weigh In

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

Westamerica Bancorporation Trading Down 0.6%

NASDAQ:WABC opened at $51.17 on Friday. The firm has a market capitalization of $1.24 billion, a PE ratio of 11.32 and a beta of 0.61. Westamerica Bancorporation has a 52 week low of $42.00 and a 52 week high of $53.48. The stock has a 50 day moving average of $51.10 and a 200-day moving average of $49.27.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. The firm had revenue of $63.31 million for the quarter, compared to the consensus estimate of $61.90 million. As a group, analysts predict that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

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

Westamerica Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were given a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 40.71%.

Westamerica Bancorporation Company Profile

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.