Short Interest in Westamerica Bancorporation (NASDAQ:WABC) Drops By 18.1%

Westamerica Bancorporation (NASDAQ:WABC) was the recipient of a significant decline in short interest in July. As of July 15th, there was short interest totalling 329,300 shares, a decline of 18.1% from the June 30th total of 402,200 shares. Currently, 1.3% of the company’s shares are short sold. Based on an average trading volume of 116,400 shares, the short-interest ratio is currently 2.8 days.

Analysts Set New Price Targets

WABC has been the topic of several recent analyst reports. Piper Sandler lifted their price objective on Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $57.00 price target (down previously from $58.00) on shares of Westamerica Bancorporation in a research note on Monday, April 22nd. Maxim Group downgraded shares of Westamerica Bancorporation from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Finally, StockNews.com upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Westamerica Bancorporation presently has a consensus rating of “Hold” and a consensus price target of $57.00.

Westamerica Bancorporation Stock Down 2.8 %

NASDAQ:WABC opened at $54.28 on Tuesday. The stock has a 50-day simple moving average of $49.49 and a 200 day simple moving average of $48.39. Westamerica Bancorporation has a 52-week low of $41.89 and a 52-week high of $58.49. The company has a market cap of $1.45 billion, a PE ratio of 9.17 and a beta of 0.56. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.23 and a current ratio of 0.25.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.03. Westamerica Bancorporation had a net margin of 47.12% and a return on equity of 20.17%. The company had revenue of $79.57 million during the quarter, compared to analysts’ expectations of $74.28 million. On average, sell-side analysts expect that Westamerica Bancorporation will post 5.2 EPS for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Monday, August 5th will be paid a $0.44 dividend. The ex-dividend date is Monday, August 5th. This represents a $1.76 annualized dividend and a yield of 3.24%. Westamerica Bancorporation’s payout ratio is currently 29.73%.

Institutional Investors Weigh In On Westamerica Bancorporation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new stake in shares of Westamerica Bancorporation in the fourth quarter valued at about $31,000. EntryPoint Capital LLC bought a new position in Westamerica Bancorporation in the first quarter valued at approximately $75,000. GAMMA Investing LLC increased its position in shares of Westamerica Bancorporation by 13.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,862 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 226 shares during the last quarter. Strs Ohio bought a new stake in shares of Westamerica Bancorporation during the 4th quarter worth approximately $112,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Westamerica Bancorporation in the 1st quarter valued at approximately $113,000. 81.89% of the stock is owned by institutional investors.

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.