Westamerica Bancorporation (NASDAQ:WABC) Short Interest Up 19.2% in August

Westamerica Bancorporation (NASDAQ:WABC) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 328,600 shares, a growth of 19.2% from the August 15th total of 275,600 shares. Currently, 1.3% of the shares of the company are short sold. Based on an average daily volume of 122,600 shares, the short-interest ratio is presently 2.7 days.

Westamerica Bancorporation Stock Performance

WABC stock opened at $50.59 on Tuesday. Westamerica Bancorporation has a 12-month low of $41.89 and a 12-month high of $58.49. The firm has a market cap of $1.35 billion, a PE ratio of 8.55 and a beta of 0.55. The business has a 50 day moving average of $51.31 and a 200-day moving average of $49.00. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.37.

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

Westamerica Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.48%. The ex-dividend date was Monday, August 5th. Westamerica Bancorporation’s dividend payout ratio is presently 29.73%.

Institutional Investors Weigh In On Westamerica Bancorporation

Large investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its position in shares of Westamerica Bancorporation by 1.5% during the second quarter. Louisiana State Employees Retirement System now owns 13,400 shares of the financial services provider’s stock valued at $650,000 after purchasing an additional 200 shares in the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of Westamerica Bancorporation by 5.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 4,178 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 221 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Westamerica Bancorporation by 13.8% in the second 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 period. Algert Global LLC raised its holdings in Westamerica Bancorporation by 0.5% during the second quarter. Algert Global LLC now owns 64,365 shares of the financial services provider’s stock valued at $3,124,000 after acquiring an additional 304 shares during the period. Finally, SummerHaven Investment Management LLC raised its position in shares of Westamerica Bancorporation by 1.8% during the second quarter. SummerHaven Investment Management LLC now owns 17,948 shares of the financial services provider’s stock valued at $871,000 after buying an additional 318 shares during the last quarter. Institutional investors own 81.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on WABC. Maxim Group lowered shares of Westamerica Bancorporation from a “buy” rating to a “hold” rating in a report on Monday, July 22nd. StockNews.com upgraded shares of Westamerica Bancorporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, Piper Sandler lifted their price target on shares of Westamerica Bancorporation from $50.00 to $57.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $57.00.

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.