PacWest Bancorp (NASDAQ:PACW) Short Interest Down 14.6% in September

PacWest Bancorp (NASDAQ:PACW) was the target of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 3,170,000 shares, a decline of 14.6% from the August 31st total of 3,710,000 shares. Based on an average trading volume of 1,170,000 shares, the days-to-cover ratio is currently 2.7 days. Currently, 2.8% of the shares of the stock are short sold.

A number of brokerages recently issued reports on PACW. BidaskClub cut PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 16th. Raymond James upgraded PacWest Bancorp from a “market perform” rating to a “strong-buy” rating and set a $26.00 target price on the stock in a report on Wednesday, June 17th. Finally, ValuEngine cut PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, August 3rd. Three equities research 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’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $27.50.

Shares of PacWest Bancorp stock traded down $0.07 during midday trading on Thursday, hitting $17.01. The company’s stock had a trading volume of 1,625,184 shares, compared to its average volume of 1,340,677. The firm has a market capitalization of $1.99 billion, a P/E ratio of -1.70 and a beta of 1.60. The stock has a 50-day simple moving average of $18.64 and a 200-day simple moving average of $18.59. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 1-year low of $13.84 and a 1-year high of $40.14.

PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Thursday, July 16th. The financial services provider reported $0.28 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.10). The business had revenue of $295.15 million during the quarter, compared to analyst estimates of $277.27 million. PacWest Bancorp had a positive return on equity of 7.15% and a negative net margin of 90.52%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $0.92 EPS. As a group, sell-side analysts predict that PacWest Bancorp will post 1.94 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 31st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 28th. This represents a $1.00 dividend on an annualized basis and a yield of 5.88%. PacWest Bancorp’s payout ratio is 25.64%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP boosted its position in PacWest Bancorp by 18.5% during the second quarter. Two Sigma Advisers LP now owns 143,400 shares of the financial services provider’s stock valued at $2,826,000 after purchasing an additional 22,400 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in PacWest Bancorp by 59.2% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 36,300 shares of the financial services provider’s stock valued at $715,000 after purchasing an additional 13,500 shares during the last quarter. Handelsbanken Fonder AB bought a new position in PacWest Bancorp during the second quarter valued at about $412,000. Charles Schwab Investment Management Inc. raised its holdings in PacWest Bancorp by 29.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,730,093 shares of the financial services provider’s stock valued at $34,101,000 after buying an additional 390,358 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in PacWest Bancorp by 0.7% during the second quarter. California State Teachers Retirement System now owns 200,883 shares of the financial services provider’s stock valued at $3,959,000 after buying an additional 1,321 shares in the last quarter. 79.90% of the stock is owned by hedge funds and other institutional investors.

About PacWest Bancorp

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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