PacWest Bancorp (PACW) Short Interest Update

PacWest Bancorp (NASDAQ:PACW) saw a large increase in short interest in the month of January. As of January 12th, there was short interest totalling 3,461,140 shares, an increase of 55.2% from the December 29th total of 2,230,662 shares. Based on an average daily volume of 840,305 shares, the short-interest ratio is presently 4.1 days. Currently, 2.7% of the company’s shares are sold short.

Shares of PacWest Bancorp (NASDAQ PACW) opened at $53.14 on Friday. The firm has a market cap of $6,890.00, a P/E ratio of 18.26, a P/E/G ratio of 1.53 and a beta of 1.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $57.53.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Thursday, January 18th. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). The company had revenue of $289.75 million for the quarter, compared to analyst estimates of $297.74 million. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same quarter last year, the business posted $0.71 earnings per share. research analysts predict that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.

PacWest Bancorp announced that its Board of Directors has approved a stock repurchase program on Thursday, November 16th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.98% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC raised its holdings in PacWest Bancorp by 646.0% during the 4th quarter. SG Americas Securities LLC now owns 24,774 shares of the financial services provider’s stock worth $1,249,000 after buying an additional 21,453 shares during the period. MHI Funds LLC acquired a new stake in PacWest Bancorp during the 4th quarter worth approximately $1,254,000. Cerebellum GP LLC acquired a new stake in PacWest Bancorp during the 4th quarter worth approximately $135,000. Smith Graham & Co. Investment Advisors LP raised its holdings in PacWest Bancorp by 2.0% during the 4th quarter. Smith Graham & Co. Investment Advisors LP now owns 148,123 shares of the financial services provider’s stock worth $7,465,000 after buying an additional 2,860 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in PacWest Bancorp by 83.3% during the 4th quarter. State of Alaska Department of Revenue now owns 18,900 shares of the financial services provider’s stock worth $952,000 after buying an additional 8,590 shares during the period. Hedge funds and other institutional investors own 82.42% of the company’s stock.

A number of analysts recently weighed in on the stock. B. Riley reiterated a “neutral” rating and issued a $55.00 price target (up from $52.00) on shares of PacWest Bancorp in a research report on Monday, January 22nd. Zacks Investment Research upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Wednesday. DA Davidson reiterated a “buy” rating and issued a $59.00 price target on shares of PacWest Bancorp in a research report on Friday, January 19th. BMO Capital Markets increased their price target on shares of PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a research report on Friday, January 19th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $54.00 price target on shares of PacWest Bancorp in a research report on Tuesday, January 9th. Nine research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $55.18.

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PacWest Bancorp Company Profile

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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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