PacWest Bancorp (NASDAQ:PACW) Brief Interest Update
PacWest Bancorp (NASDAQ: PACW – Get a rating) saw strong growth in short-term interest during the month of May. As of May 31, there was short interest totaling 3,990,000 shares, a growth of 42.0% from the May 15 total of 2,810,000 shares. Approximately 3.5% of the company’s shares are sold short. Based on an average daily volume of 1,250,000 shares, the day-to-cover ratio is currently 3.2 days.
Shares of NASDAQ:PACW were down $0.07 midday Wednesday, hitting $27.35. The company’s shares had a trading volume of 183,704 shares, compared to its average volume of 1,164,502. The company has a market capitalization of $3.21 billion, a price-earnings ratio of 5.67 and a beta of 1.42. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt ratio of 0.51. PacWest Bancorp has a 1 year minimum of $27.11 and a 1 year maximum of $51.81. The company has a 50-day moving average price of $33.10 and a 200-day moving average price of $41.69.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last reported its quarterly earnings data on Tuesday, April 19. The financial services provider reported EPS of $1.01 for the quarter, missing analyst consensus estimates of $1.05 per ($0.04). The company posted revenue of $329.54 million in the quarter, compared to $342.21 million expected by analysts. PacWest Bancorp had a net margin of 41.84% and a return on equity of 14.96%. During the same period of the previous year, the company achieved EPS of $1.27. Sell-side analysts expect PacWest Bancorp to post earnings per share of 4.37 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 31. Shareholders of record on Monday, May 16 received a dividend of $0.25 per share. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Friday, May 13. PacWest Bancorp’s dividend payout ratio is currently 20.66%.
Several stock analysts have recently released reports on the company. Truist Financial cut its price target on PacWest Bancorp from $45.00 to $38.00 and set a “buy” rating for the company in a report on Monday. StockNews.com supposed coverage of PacWest Bancorp in a Thursday, March 31 report. They issued a “hold” rating for the company. Raymond James cut his price target on PacWest Bancorp from $62.00 to $51.00 and set a “Strong Buy” rating for the company in a Thursday, April 21 report. Wells Fargo & Company cut its price target on PacWest Bancorp from $60.00 to $50.00 and set an “overweight” rating for the company in a Thursday, April 21 report. Finally, Wedbush reduced its price target on PacWest Bancorp from $52.00 to $45.00 in a Wednesday, April 20 report. Two equity research analysts gave the stock a hold rating, four issued a buy rating and one gave the company a high buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $48.00.
In other PacWest Bancorp news, Director Paul W. Taylor purchased 8,000 shares of PacWest Bancorp in a trade dated Monday, June 6. The shares were acquired at an average cost of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director now directly owns 8,000 shares of the company, valued at $200,000. The purchase was disclosed in an SEC filing, which is available via the SEC website. Additionally, CAO Monica L. Sparks purchased 4,000 shares of PacWest Bancorp in a trade dated Monday, June 6. The shares were acquired at an average cost of $25.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the chief accounting officer now directly owns 4,000 shares of the company, valued at $100,000. Disclosure of this purchase can be found here. Insiders acquired a total of 42,000 shares of the company worth $1,050,000 during the last quarter. Insiders of the company hold 1.25% of the shares of the company.
Several institutional investors and hedge funds have recently changed their holdings in the company. The Kentucky State Teachers’ Retirement System increased its stake in shares of PacWest Bancorp by 6.0% in the first quarter. The Kentucky State Teachers’ Retirement System now owns 14,214 shares of the financial services provider worth $613,000 after buying an additional 800 shares last quarter. Toroso Investments LLC acquired a new stock position in PacWest Bancorp during the first quarter worth approximately $1,526,000. Capital World Investors increased its stake in shares of PacWest Bancorp by 16.9% during the first quarter. Capital World Investors now owns 1,426,000 shares of the financial services provider worth $61,503,000 after buying an additional 206,000 shares last quarter. Virtu Financial LLC acquired a new position in shares of PacWest Bancorp in the first quarter worth approximately $389,000. Finally, Penn Capital Management Company LLC increased its stake in shares of PacWest Bancorp by 1,372.2% in the first quarter. Penn Capital Management Company LLC now owns 187,221 shares of the financial services provider worth $8,615,000 after acquiring an additional 174,504 shares in the last quarter. Institutional investors hold 88.68% of the company’s shares.
About PacWest Bancorp (Get a rating)
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation and construction of commercial real estate; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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