Short Interest in Westamerica Bancorporation (NASDAQ:WABC) Drops By 18.9%

Westamerica Bancorporation (NASDAQ:WABC) was the recipient of a large decline in short interest in the month of December. As of December 15th, there was short interest totalling 181,000 shares, a decline of 18.9% from the November 30th total of 223,300 shares. Approximately 0.7% of the company’s shares are sold short. Based on an average daily trading volume, of 113,500 shares, the days-to-cover ratio is presently 1.6 days.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th.

Westamerica Bancorporation Price Performance

Westamerica Bancorporation stock opened at $52.55 on Tuesday. The company’s 50 day simple moving average is $54.89 and its 200-day simple moving average is $51.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.26 and a current ratio of 0.26. Westamerica Bancorporation has a 1 year low of $43.82 and a 1 year high of $59.97. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 9.57 and a beta of 0.57.

Westamerica Bancorporation (NASDAQ:WABC) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.27 earnings per share for the quarter, meeting the consensus estimate of $1.27. Westamerica Bancorporation had a net margin of 45.73% and a return on equity of 17.67%. The firm had revenue of $74.07 million during the quarter, compared to the consensus estimate of $72.74 million. As a group, equities research analysts expect that Westamerica Bancorporation will post 5.17 earnings per share for the current year.

Westamerica Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.35%. The ex-dividend date was Monday, November 4th. Westamerica Bancorporation’s payout ratio is 32.06%.

Hedge Funds Weigh In On Westamerica Bancorporation

Institutional investors have recently bought and sold shares of the company. Kimelman & Baird LLC acquired a new stake in shares of Westamerica Bancorporation during the second quarter worth about $36,000. Glenmede Trust Co. NA purchased a new stake in Westamerica Bancorporation during the 3rd quarter worth approximately $238,000. Choreo LLC acquired a new stake in Westamerica Bancorporation during the 2nd quarter worth approximately $256,000. CWM LLC boosted its position in Westamerica Bancorporation by 43.9% in the 3rd quarter. CWM LLC now owns 5,250 shares of the financial services provider’s stock valued at $259,000 after buying an additional 1,601 shares during the period. Finally, Intech Investment Management LLC acquired a new position in shares of Westamerica Bancorporation in the second quarter worth $332,000. 81.89% of the stock is owned by institutional investors and hedge funds.

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.