Short Interest in PacWest Bancorp (NASDAQ:PACW) Increases By 11.8%
PacWest Bancorp (NASDAQ:PACW) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 4,070,000 shares, an increase of 11.8% from the June 30th total of 3,640,000 shares. Currently, 3.5% of the shares of the stock are sold short. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is currently 2.8 days.
Several research analysts have recently commented on PACW shares. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, April 23rd. Royal Bank of Canada reduced their price target on PacWest Bancorp from $23.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, April 22nd. Wedbush reduced their price target on PacWest Bancorp from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Wednesday, April 22nd. Raymond James upgraded PacWest Bancorp from a “market perform” rating to a “strong-buy” rating and set a $26.00 price target on the stock in a report on Wednesday, June 17th. Finally, ValuEngine upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, May 1st. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $27.50.
Shares of PACW stock traded down $0.33 during trading hours on Friday, hitting $18.28. The stock had a trading volume of 1,114,242 shares, compared to its average volume of 1,199,646. The firm has a market capitalization of $2.13 billion, a PE ratio of 7.34 and a beta of 1.65. PacWest Bancorp has a twelve month low of $13.84 and a twelve month high of $40.14. The stock’s 50 day moving average is $18.85 and its 200 day moving average is $23.55. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.91 and a quick ratio of 1.01.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of PacWest Bancorp in the 4th quarter worth approximately $47,458,000. APG Asset Management N.V. purchased a new position in shares of PacWest Bancorp during the first quarter valued at $19,357,000. The Manufacturers Life Insurance Company grew its holdings in shares of PacWest Bancorp by 49.2% during the first quarter. The Manufacturers Life Insurance Company now owns 1,721,300 shares of the financial services provider’s stock valued at $30,845,000 after buying an additional 567,849 shares in the last quarter. BHZ Capital Management LP grew its holdings in shares of PacWest Bancorp by 167.3% during the first quarter. BHZ Capital Management LP now owns 744,879 shares of the financial services provider’s stock valued at $13,348,000 after buying an additional 466,194 shares in the last quarter. Finally, Ensign Peak Advisors Inc grew its holdings in shares of PacWest Bancorp by 120.5% during the first quarter. Ensign Peak Advisors Inc now owns 729,986 shares of the financial services provider’s stock valued at $13,081,000 after buying an additional 398,992 shares in the last quarter. 81.75% of the stock is currently owned by institutional investors and hedge funds.
PacWest Bancorp Company Profile
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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