PacWest Bancorp (PACW) Sees Large Drop in Short Interest
PacWest Bancorp (NASDAQ:PACW) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,898,670 shares, a drop of 33.0% from the October 13th total of 2,832,352 shares. Based on an average daily volume of 1,378,536 shares, the days-to-cover ratio is presently 1.4 days. Approximately 1.5% of the company’s stock are sold short.
In other PacWest Bancorp news, CFO Patrick J. Rusnak acquired 2,000 shares of the stock in a transaction dated Thursday, October 19th. The stock was acquired at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the purchase, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.98% of the company’s stock.
Large investors have recently modified their holdings of the company. Ffcm LLC lifted its position in shares of PacWest Bancorp by 172.7% during the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,516 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of PacWest Bancorp by 12.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 468 shares during the period. Creative Planning increased its holdings in shares of PacWest Bancorp by 17.3% in the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 613 shares during the period. Raymond James Trust N.A. acquired a new position in shares of PacWest Bancorp in the 3rd quarter valued at $211,000. Finally, CIBC Asset Management Inc acquired a new position in shares of PacWest Bancorp in the 3rd quarter valued at $213,000. Institutional investors and hedge funds own 82.93% of the company’s stock.
Shares of PacWest Bancorp (PACW) opened at $45.20 on Tuesday. The firm has a market cap of $5,763.43, a P/E ratio of 15.05, a PEG ratio of 1.51 and a beta of 1.60. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 12-month low of $43.08 and a 12-month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter in the previous year, the firm earned $0.77 EPS. research analysts expect that PacWest Bancorp will post 2.96 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Monday, November 20th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.42%. PacWest Bancorp’s dividend payout ratio is presently 67.34%.
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About PacWest Bancorp
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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