PacWest Bancorp (PACW) Sees Large Drop in Short Interest

PacWest Bancorp (NASDAQ:PACW) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 1,898,670 shares, a decrease of 33.0% from the October 13th total of 2,832,352 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average daily volume of 1,378,536 shares, the days-to-cover ratio is currently 1.4 days.

Shares of PacWest Bancorp (PACW) opened at $45.16 on Friday. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. The firm has a market cap of $5,820.00, a P/E ratio of 15.13, a PEG ratio of 1.52 and a beta of 1.60.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. PacWest Bancorp had a net margin of 37.16% and a return on equity of 8.78%. The company had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. During the same period last year, the company posted $0.77 EPS. sell-side analysts anticipate that PacWest Bancorp will post 2.96 earnings per share for the current year.

PacWest Bancorp announced that its board has approved a stock repurchase program on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors 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 yield of 4.43%. PacWest Bancorp’s dividend payout ratio is presently 67.57%.

A number of equities analysts recently commented on PACW shares. Raymond James Financial, Inc. lowered shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. Piper Jaffray Companies reissued a “buy” rating and issued a $54.00 target price on shares of PacWest Bancorp in a report on Thursday, October 19th. UBS AG lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Finally, BMO Capital Markets decreased their target price on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.00.

In related news, CFO Patrick J. Rusnak acquired 2,000 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.98% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of PACW. Teachers Advisors LLC boosted its position in PacWest Bancorp by 11.9% during the 1st quarter. Teachers Advisors LLC now owns 185,592 shares of the financial services provider’s stock worth $9,885,000 after buying an additional 19,674 shares during the period. Capstone Asset Management Co. boosted its position in PacWest Bancorp by 10.0% during the 2nd quarter. Capstone Asset Management Co. now owns 9,988 shares of the financial services provider’s stock worth $466,000 after buying an additional 910 shares during the period. Bank of Montreal Can boosted its position in PacWest Bancorp by 22.4% during the 2nd quarter. Bank of Montreal Can now owns 11,856 shares of the financial services provider’s stock worth $553,000 after buying an additional 2,170 shares during the period. Creative Planning boosted its position in PacWest Bancorp by 17.3% during the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock worth $194,000 after buying an additional 613 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in PacWest Bancorp by 4.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 44,411 shares of the financial services provider’s stock worth $2,074,000 after buying an additional 1,840 shares during the period. Institutional investors and hedge funds own 82.93% of the company’s stock.

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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 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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