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

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) saw a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 393,500 shares, a growth of 27.3% from the March 31st total of 309,100 shares. Based on an average daily volume of 166,900 shares, the short-interest ratio is currently 2.4 days. Approximately 1.6% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of analysts recently commented on the company. StockNews.com lowered Westamerica Bancorporation from a "hold" rating to a "sell" rating in a research report on Monday. Keefe, Bruyette & Woods dropped their target price on shares of 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. Finally, Piper Sandler decreased their price objective on Westamerica Bancorporation from $54.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, April 21st.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Westamerica Bancorporation

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Westamerica Bancorporation by 4,946.6% during the 1st quarter. GAMMA Investing LLC now owns 109,310 shares of the financial services provider's stock worth $5,534,000 after purchasing an additional 107,144 shares during the last quarter. Invenomic Capital Management LP bought a new position in Westamerica Bancorporation in the fourth quarter valued at about $5,437,000. Raymond James Financial Inc. acquired a new position in shares of Westamerica Bancorporation in the fourth quarter valued at approximately $3,647,000. Norges Bank acquired a new position in Westamerica Bancorporation in the 4th quarter valued at approximately $3,564,000. Finally, JPMorgan Chase & Co. increased its holdings in Westamerica Bancorporation by 74.7% in the fourth quarter. JPMorgan Chase & Co. now owns 142,330 shares of the financial services provider's stock valued at $7,467,000 after purchasing an additional 60,871 shares during the period. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation Stock Down 0.2 %

Shares of WABC stock traded down $0.12 on Wednesday, hitting $48.57. 57,928 shares of the stock were exchanged, compared to its average volume of 157,760. The business has a 50-day moving average of $48.67 and a 200 day moving average of $51.56. Westamerica Bancorporation has a fifty-two week low of $42.00 and a fifty-two week high of $59.97. The firm has a market capitalization of $1.30 billion, a P/E ratio of 9.33 and a beta of 0.64. The company has a current ratio of 0.27, a quick ratio of 0.26 and a debt-to-equity ratio of 0.15.

Westamerica Bancorporation (NASDAQ:WABC - Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $1.16 EPS for the quarter, topping the consensus estimate of $1.09 by $0.07. Westamerica Bancorporation had a net margin of 44.55% and a return on equity of 16.15%. The business had revenue of $66.71 million during the quarter, compared to analysts' expectations 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 disclosed a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Monday, May 5th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend is Monday, May 5th. This is an increase from Westamerica Bancorporation's previous quarterly dividend of $0.44. Westamerica Bancorporation's dividend payout ratio is presently 36.87%.

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.