Westamerica Bancorp (WABC) 11/6/09 PriceWatch Alert Support Down To $47.16

Posted: Friday, November 06, 2009 8:46 AM EDT

Westamerica Bancorp (NasdaqNM: WABC) closed yesterday at $48.68. So far the stock has hit a 52-week low of $33.08 and 52-week high of $56.79. Westamerica Bancorp stock has been showing support around 47.16 and resistance in the 49.48 range. Technical indicators for the stock are Bearish and S&P gives WABC a neutral 3 STAR (out of 5) hold rating. WABC appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Jan '10 45 covered call (WQF AI) for a net debit in the $43.98 area. That is also the break even stock price for this trade. This covered call has a 71 day duration, provides 9.65% downside protection and a 2.32% assigned return rate for an 11.92% annualized return rate (comparison purposes only). Westamerica Bancorp has a current annual dividend yield of 2.90%. [FBB-Seven Summits Research]

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