PacWest Bancorp (NASDAQ:PACW) reaching 52-week high, short interest decreasing

PacWest Bancorp (NASDAQ:PACW) (Trend Analysis) shares were traded with a doubled volume. The stock closed last trading session at $47.91, up by 5.76%, with a volume of 2,091,932 shares against an average amount for the last three months of 761,486.

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PacWest Bancorp (NASDAQ:PACW) stock is currently trading 0.6% below its 52-week-high, 64.92% above its 52-week-low. The 1-year stock price history is in the range of $29.05 – $48.2. PacWest Bancorp (PACW) has a price to earnings ratio of 17.19 versus Financial sector average of 15.9. PACW stock price has outperformed the Nasdaq by 9.8%. The Financial Services company is currently valued at $5.77 billion, and its share price closed the last trading session at $47.91. The stock has a 50-day moving average of $42.79 and a 200-day moving average of $41.21.

PacWest Bancorp (PACW) current short interest stands at 5.38 million shares. It has decreased by 6% from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.82 million shares, the number of days required to cover the short positions stand at 6.6 days.

PACW is forecasted to report earnings per share of $0.72 and a revenue of $266.77 million for the 4th Quarter of the fiscal year 2016. PacWest Bancorp (PACW) declared last quarter earnings on October 18. The Financial Services company announced last quarter earnings per share of $0.77 against a consensus Street estimate of $0.73, beating the average estimate by $0.04. The company posted a revenue of $274.8 million compared to an estimation of $268.3 million.

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There are currently ten analysts that cover PacWest Bancorp stock. Of those ten, six have a Buy rating, four have a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $45.94.

A recent analyst activity consisted of Wells Fargo downgrading their Outperform rating to Market Perform on October 4. On the date of report, the stock closed at $42.66.

JMP Securities initiated their coverage on the stock with Market Outperform rating on September 16, and fixed their price target at $48. This corresponds to a 0.19% upside from the last closing price. On the date of report, the stock closed at $42.61.

Another research firm was Keefe Bruyette & Woods who reiterated their Outperform stance on March 24. Keefe Bruyette & Woods decreased price target from $50 to $45. This translates to a 6.07% downside from the last closing price. On the date of report, the stock closed at $35.89.

Company snapshot

PacWest Bancorp is a bank holding company. The Company, through its banking subsidiary, offers a wide range of commercial banking services.

PacWest Bancorp (NASDAQ:PACW) reaching 52-week high, short interest decreasing was last modified: November 11th, 2016 by Pat Mayfield