The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. PacWest Bancorp shares valued at $200,000 were purchased by TAYLOR PAUL W on Jun 06. At $25.00 per share, TAYLOR PAUL W acquired 8,000 shares. The insider’s holdings grew to 8,000 shares worth approximately $0.2 million following the completion of this transaction.
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Also, WAGNER MATTHEW P purchased 20,000 shares, netting a total of over 500,000 in proceeds. Following the buying of shares at $25.00 each, the insider now holds 20,000 shares.
Before that, Sparks Monica L had added 4,000 shares to its account. In a trade valued at $100,000, the EVP, Chief Accounting Officer bought PacWest Bancorp shares for $25.00 each. Upon closing the transaction, the insider’s holdings increased to 4,000 shares, worth approximately $99400.0.
As published in a research note from Keefe Bruyette on July 22, 2022, PacWest Bancorp [PACW] has been rated down from an Outperform to a Mkt perform and the price target has been revised to $35 from $47. This represents a 29.0% premium over Wednesday’s closing price. Analysts at Raymond James downgraded the stock from ‘”a Strong buy”‘ to ‘”a Mkt perform”‘ outlook in a report released in early July. As of September 21, 2021, Truist has increased its “Hold” rating to a “Buy” for PACW.
Analyzing PACW’s Price Performance
On Wednesday, PacWest Bancorp [NASDAQ: PACW] plunged -2.32% to $24.85. The stock’s lowest price that day was $24.84, but it reached a high of $25.79 in the same session. During the last five days, there has been a drop of approximately -3.34%. Over the course of the year, PacWest Bancorp shares have dropped approximately -44.99%. Shares of the company reached a 52-week high of $51.81 on 02/10/22 and a 52-week low of $24.84 on 09/21/22. A 50-day SMA is recorded $27.37, while a 200-day SMA reached $36.68. Nevertheless, trading volume fell to 1.81 million shares from 1.1 million shares the previous day.
Support And Resistance Levels for PacWest Bancorp (PACW)
According to the 24-hour chart, there is a support level at 24.53, which, if violated, would cause prices to drop to 24.21. In the upper region, resistance lies at 25.48. The next price resistance is at 26.11. RSI (Relative Strength Index) is 37.73 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.51, which suggests the price will decrease in the coming days. Percent R is at 99.64%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is PacWest Bancorp subject to short interest?
Stocks of PacWest Bancorp saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.4 million shares to 3.92 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.52 million shares. A jump of 10.2% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.68 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.68.
Which companies own the most shares of PacWest Bancorp (PACW)?
According to The Vanguard Group, Inc. filings, the company currently owns 13,876,654 shares, which is about 11.78% of the total PACW shares outstanding. The investor’s shares have appreciated by 316,874 from its previous 13-F filing of 13559780.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $236,780,951. Fidelity Management & Research Co acquire a 46.33% interest valued at $152.59 million while SSgA Funds Management, Inc. purchased a 35,624 stake. A total of -124,043 shares of PacWest Bancorp were bought by Cardinal Capital Management LLC during the quarter, and 235,699 were bought by FIAM LLC. In its current portfolio, Dimensional Fund Advisors LP holds 3,663,886 shares valued at $96.47 million.
In terms of PacWest Bancorp share price expectations, FactSet research, analysts set an average price target of $36.78 in the next 12 months, up nearly 41.51% from the previous closing price of $25.44. Analysts anticipate PacWest Bancorp stock to reach $43.00 by 2022, with the lowest price target being $31.00. In spite of this, 10 analysts ranked PacWest Bancorp stock as an Overweight at the end of 2022. On April 22, 2021, Raymond James assigned a price target of “a Strong buy” to the stock and upgraded coverage with a $48.