Short Interest in PacWest Bancorp Decreases By 28.9% (PACW)
Shares of PacWest Bancorp (NASDAQ:PACW) saw a significant decline in short interest during the month of April. As of April 30th, there was short interest totalling 3,223,361 shares, a decline of 28.9% from the April 15th total of 4,536,394 shares, Analyst Ratings.Net reports. Based on an average daily volume of 948,676 shares, the days-to-cover ratio is currently 3.4 days. Approximately 8.5% of the company’s shares are short sold.
A number of research firms have recently commented on PACW. Analysts at FBR Capital Markets upgraded shares of PacWest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Monday, May 12th. They now have a $47.00 price target on the stock. Analysts at Ned Davis Research upgraded shares of PacWest Bancorp from a “sell” rating to a “neutral” rating in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $44.67.
PacWest Bancorp (NASDAQ:PACW) opened at 39.29 on Wednesday. PacWest Bancorp has a 52 week low of $27.46 and a 52 week high of $47.37. The stock’s 50-day moving average is $41.03 and its 200-day moving average is $41.47. The company has a market cap of $4.004 billion and a P/E ratio of 30.87.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.07. During the same quarter in the previous year, the company posted $0.37 earnings per share. On average, analysts predict that PacWest Bancorp will post $2.51 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, June 5th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Thursday, May 22nd.
PacWest Bancorp is a bank holding company. The Company’s principal business is to serve as the holding company for its wholly-owned banking subsidiary, Pacific Western Bank (NASDAQ:PACW).
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