Westamerica Bancorporation (NASDAQ:WABC) Short Interest Down 17.1% in March

Westamerica Bancorporation (NASDAQ:WABC) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 327,500 shares, a drop of 17.1% from the March 15th total of 395,000 shares. Based on an average daily volume of 164,500 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.3% of the company’s stock are short sold.

Westamerica Bancorporation Stock Performance

NASDAQ:WABC opened at $46.62 on Friday. The stock has a 50-day simple moving average of $46.77 and a two-hundred day simple moving average of $48.86. Westamerica Bancorporation has a 52-week low of $35.52 and a 52-week high of $57.96. The firm has a market capitalization of $1.24 billion, a PE ratio of 7.69 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $1.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.50 by ($0.02). Westamerica Bancorporation had a net margin of 49.39% and a return on equity of 23.61%. The company had revenue of $80.37 million for the quarter, compared to the consensus estimate of $81.03 million. Equities analysts forecast that Westamerica Bancorporation will post 5.35 earnings per share for the current fiscal year.

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Monday, February 5th were paid a $0.44 dividend. The ex-dividend date was Friday, February 2nd. This represents a $1.76 annualized dividend and a yield of 3.78%. Westamerica Bancorporation’s payout ratio is 29.04%.

Insider Activity

In other news, CEO David L. Payne sold 8,728 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $50.95, for a total value of $444,691.60. Following the completion of the transaction, the chief executive officer now owns 333,689 shares in the company, valued at approximately $17,001,454.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO David L. Payne sold 11,272 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $46.79, for a total value of $527,416.88. Following the completion of the transaction, the chief executive officer now owns 242,417 shares in the company, valued at $11,342,691.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David L. Payne sold 8,728 shares of the business’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $50.95, for a total value of $444,691.60. Following the completion of the transaction, the chief executive officer now owns 333,689 shares of the company’s stock, valued at approximately $17,001,454.55. The disclosure for this sale can be found here. Insiders sold a total of 45,000 shares of company stock worth $2,213,458 in the last quarter. 4.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Westamerica Bancorporation

Institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new stake in Westamerica Bancorporation during the 4th quarter valued at approximately $31,000. Point72 Middle East FZE purchased a new stake in Westamerica Bancorporation during the 2nd quarter valued at approximately $34,000. Money Concepts Capital Corp purchased a new stake in Westamerica Bancorporation during the 4th quarter valued at approximately $70,000. PNC Financial Services Group Inc. boosted its position in shares of Westamerica Bancorporation by 91.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,293 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 616 shares during the last quarter. Finally, Captrust Financial Advisors boosted its position in shares of Westamerica Bancorporation by 123.9% during the 1st quarter. Captrust Financial Advisors now owns 1,547 shares of the financial services provider’s stock valued at $94,000 after acquiring an additional 856 shares during the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WABC. Keefe, Bruyette & Woods decreased their price target on Westamerica Bancorporation from $60.00 to $58.00 and set a “market perform” rating for the company in a research note on Friday, January 19th. Piper Sandler cut their price objective on Westamerica Bancorporation from $56.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, January 19th. Finally, StockNews.com raised Westamerica Bancorporation from a “sell” rating to a “hold” rating in a report on Monday, April 8th.

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.