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

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 393,500 shares, an increase of 27.3% from the March 31st total of 309,100 shares. Based on an average trading volume of 166,900 shares, the short-interest ratio is presently 2.4 days. Currently, 1.6% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Piper Sandler reduced their price target on shares of Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Keefe, Bruyette & Woods dropped their target price on Westamerica Bancorporation from $58.00 to $55.00 and set a "market perform" rating for the company in a research report on Monday, April 21st.

Westamerica Bancorporation Trading Up 0.7 %

NASDAQ:WABC opened at $49.11 on Friday. Westamerica Bancorporation has a 12-month low of $42.00 and a 12-month high of $59.97. The company has a current ratio of 0.27, a quick ratio of 0.26 and a debt-to-equity ratio of 0.15. The stock's 50 day simple moving average is $48.76 and its 200-day simple moving average is $51.60. The firm has a market cap of $1.31 billion, a P/E ratio of 9.45 and a beta of 0.63.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.07. Westamerica Bancorporation had a return on equity of 16.15% and a net margin of 44.55%. The firm had revenue of $66.71 million for the quarter, compared to analyst estimates of $66.47 million. Equities analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Monday, May 5th will be paid a $0.46 dividend. The ex-dividend date is Monday, May 5th. This represents a $1.84 dividend on an annualized basis and a yield of 3.75%. This is a positive change from Westamerica Bancorporation's previous quarterly dividend of $0.44. Westamerica Bancorporation's dividend payout ratio is presently 36.87%.

Insiders Place Their Bets

In related news, SVP John A. Thorson sold 2,243 shares of Westamerica Bancorporation stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $48.57, for a total value of $108,942.51. Following the sale, the senior vice president now directly owns 11,591 shares in the company, valued at approximately $562,974.87. The trade was a 16.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Robert James Baker, Jr. sold 710 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $48.16, for a total value of $34,193.60. The disclosure for this sale can be found here. Insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On Westamerica Bancorporation

Several hedge funds have recently bought and sold shares of WABC. Barclays PLC boosted its stake in shares of Westamerica Bancorporation by 103.8% during the third quarter. Barclays PLC now owns 52,755 shares of the financial services provider's stock valued at $2,606,000 after acquiring an additional 26,871 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Westamerica Bancorporation by 68.0% in the third quarter. JPMorgan Chase & Co. now owns 81,459 shares of the financial services provider's stock worth $4,026,000 after acquiring an additional 32,981 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Westamerica Bancorporation by 14.1% in the 4th quarter. GAMMA Investing LLC now owns 2,166 shares of the financial services provider's stock valued at $114,000 after purchasing an additional 268 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Westamerica Bancorporation in the 4th quarter worth $245,000. Finally, KBC Group NV boosted its holdings in Westamerica Bancorporation by 71.4% in the fourth quarter. KBC Group NV now owns 1,974 shares of the financial services provider's stock valued at $104,000 after acquiring an additional 822 shares during the last quarter. Hedge funds and other institutional investors own 81.89% of the company's stock.

About Westamerica Bancorporation

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.

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