Short Interest in Westamerica Bancorporation (NASDAQ:WABC) Drops By 19.0%

Westamerica Bancorporation (NASDAQ:WABC) was the recipient of a large decrease in short interest in March. As of March 31st, there was short interest totaling 520,052 shares, a decrease of 19.0% from the March 15th total of 641,904 shares. Based on an average daily volume of 278,629 shares, the short-interest ratio is presently 1.9 days. Approximately 2.3% of the company’s stock are short sold.

Hedge Funds Weigh In On Westamerica Bancorporation

Large investors have recently modified their holdings of the stock. UBS Group AG raised its holdings in shares of Westamerica Bancorporation by 279.4% during the fourth quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock valued at $21,868,000 after buying an additional 336,714 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Westamerica Bancorporation by 101.3% during the third quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after buying an additional 200,884 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Westamerica Bancorporation during the third quarter valued at approximately $5,831,000. AQR Capital Management LLC raised its holdings in shares of Westamerica Bancorporation by 35.9% during the fourth quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock valued at $18,263,000 after buying an additional 100,867 shares during the last quarter. Finally, MetLife Investment Management LLC raised its holdings in shares of Westamerica Bancorporation by 46.7% during the fourth quarter. MetLife Investment Management LLC now owns 228,658 shares of the financial services provider’s stock valued at $10,937,000 after buying an additional 72,760 shares during the last quarter. Institutional investors own 81.89% of the company’s stock.

Westamerica Bancorporation Stock Performance

Shares of WABC stock traded up $1.63 during trading hours on Friday, hitting $55.34. 59,173 shares of the company were exchanged, compared to its average volume of 180,574. Westamerica Bancorporation has a one year low of $44.93 and a one year high of $56.22. The business’s 50-day simple moving average is $51.72 and its two-hundred day simple moving average is $49.64. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 12.24 and a beta of 0.57.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. Westamerica Bancorporation had a net margin of 42.75% and a return on equity of 12.52%. The business had revenue of $62.30 million for the quarter, compared to analysts’ expectations of $60.70 million. As a group, analysts anticipate that Westamerica Bancorporation will post 4.35 EPS for the current fiscal year.

Westamerica Bancorporation declared that its Board of Directors has approved a stock repurchase 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 reacquire up to 0.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Westamerica Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $1.84 annualized dividend and a dividend yield of 3.3%. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 40.98%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Keefe, Bruyette & Woods raised their target price on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a research note on Friday. Finally, Weiss Ratings upgraded Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $54.00.

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.