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

Westamerica Bancorporation (NASDAQ:WABC) saw a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 499,370 shares, a growth of 25.8% from the January 15th total of 396,990 shares. Based on an average trading volume of 151,875 shares, the short-interest ratio is presently 3.3 days. Approximately 2.1% of the shares of the stock are short sold. Approximately 2.1% of the shares of the stock are short sold. Based on an average trading volume of 151,875 shares, the short-interest ratio is presently 3.3 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Westamerica Bancorporation in a report on Wednesday, January 21st. Finally, Wall Street Zen downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Westamerica Bancorporation presently has a consensus rating of “Hold” and an average price target of $52.50.

Institutional Trading of Westamerica Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of WABC. Royal Bank of Canada increased its stake in shares of Westamerica Bancorporation by 6.8% in the first quarter. Royal Bank of Canada now owns 18,531 shares of the financial services provider’s stock worth $938,000 after purchasing an additional 1,183 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Westamerica Bancorporation by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,261 shares of the financial services provider’s stock worth $773,000 after buying an additional 642 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Westamerica Bancorporation in the 1st quarter worth $99,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Westamerica Bancorporation by 9.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 64,051 shares of the financial services provider’s stock valued at $3,243,000 after acquiring an additional 5,293 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in Westamerica Bancorporation by 815.8% in the first quarter. Jane Street Group LLC now owns 67,469 shares of the financial services provider’s stock worth $3,416,000 after purchasing an additional 60,102 shares during the period. Institutional investors and hedge funds own 81.89% of the company’s stock.

Westamerica Bancorporation Price Performance

WABC opened at $52.21 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.26 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.30 billion, a P/E ratio of 11.55 and a beta of 0.62. The business has a fifty day moving average of $49.78 and a 200 day moving average of $48.84. Westamerica Bancorporation has a 52-week low of $42.00 and a 52-week high of $53.36.

Westamerica Bancorporation (NASDAQ:WABC) last released 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 during 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%. As a group, sell-side analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current year.

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 paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.5%. The ex-dividend date was Monday, February 2nd. Westamerica Bancorporation’s dividend payout ratio is presently 40.71%.

Westamerica Bancorporation declared that its Board of Directors has approved a share buyback program on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 0.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.