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

Westamerica Bancorporation (NASDAQ:WABC) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 175,900 shares, a decrease of 27.6% from the October 15th total of 243,000 shares. Approximately 0.7% of the shares of the stock are short sold. Based on an average daily volume of 112,300 shares, the short-interest ratio is currently 1.6 days.

Westamerica Bancorporation Trading Up 0.3 %

Shares of WABC opened at $57.03 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.26 and a quick ratio of 0.25. Westamerica Bancorporation has a 1-year low of $43.82 and a 1-year high of $59.33. The company has a market capitalization of $1.52 billion, a P/E ratio of 10.39 and a beta of 0.54. The firm’s 50 day simple moving average is $51.21 and its 200 day simple moving average is $50.25.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, October 17th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.27. Westamerica Bancorporation had a net margin of 45.73% and a return on equity of 17.67%. The company had revenue of $74.07 million during the quarter, compared to analyst estimates of $72.74 million. Sell-side analysts forecast that Westamerica Bancorporation will post 5.17 earnings per share for the current fiscal year.

Westamerica Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were issued a dividend of $0.44 per share. The ex-dividend date was Monday, November 4th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.09%. Westamerica Bancorporation’s dividend payout ratio is 32.06%.

Wall Street Analyst Weigh In

WABC has been the topic of several analyst reports. Maxim Group cut Westamerica Bancorporation from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Piper Sandler raised their price target on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Finally, StockNews.com raised shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $57.00.

Institutional Trading of Westamerica Bancorporation

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Westamerica Bancorporation by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 3,512,538 shares of the financial services provider’s stock worth $171,693,000 after acquiring an additional 19,654 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Westamerica Bancorporation by 11.7% during the second quarter. American Century Companies Inc. now owns 1,904,399 shares of the financial services provider’s stock valued at $92,421,000 after buying an additional 199,721 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Westamerica Bancorporation by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 861,398 shares of the financial services provider’s stock worth $41,801,000 after buying an additional 41,841 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Westamerica Bancorporation by 7.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,297 shares of the financial services provider’s stock valued at $16,521,000 after acquiring an additional 22,902 shares during the last quarter. Finally, Kennedy Capital Management LLC boosted its holdings in Westamerica Bancorporation by 70.2% during the 1st quarter. Kennedy Capital Management LLC now owns 252,177 shares of the financial services provider’s stock valued at $12,326,000 after acquiring an additional 104,029 shares during the period. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit.