PacWest Bancorp (PACW) : The short interest in PacWest Bancorp (PACW) has increased from 6,557,061 to 7,250,935 from Jul 29, 2016, to August 15, 2016, indicating that the traders are bearish on the stock. On an average, 485,711 shares are traded daily in the stock and only 15 days are left for the shorts to cover. The short open interest is 6.4% of the total shares in the hands of the public. The shorts in the stock have gone up by 693,874 shares, which is an increase of 10.6% over the previous reading. The short interest information was released on Wednesday Aug 24th after the market close.
PacWest Bancorp (NASDAQ:PACW): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $42.16 and $42.08 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $42.36. The buying momentum continued till the end and the stock did not give up its gains. It closed at $42.13, notching a gain of 0.10% for the day. The total traded volume was 395,501 . The stock had closed at $42.09 on the previous day.
In a related news, The Securities and Exchange Commission has divulged that Ogrosky Kori, officer (EVP, Gen. Counsel, Corp. Secty) of Pacwest Bancorp, had unloaded 2,000 shares at an average price of $41.06 in a transaction dated on July 22, 2016. The total value of the transaction was worth $82,120.
PacWest Bancorp is a bank holding company. The Companys business is to serve as the holding bank for its subsidiary, Pacific Western Bank (Pacific Western or the Bank). It is a commercial bank that offers banking products and services, including accepting demand, money market, and time deposits and originating loans and leases, including an array of commercial real estate loans and commercial lending products. It operates in two segments: Community Banking, which includes the operations of Pacific Western Bank, excluding the CapitalSource Division, and National Lending, which includes the lending operations gained through the CapitalSource Inc. merger, Pacific Western Equipment Finance and the CapitalSource Business Finance Group. The Bank offers products and services through its CapitalSource and Square 1 Bank divisions. The Square 1 Bank Division offers financial services focused on entrepreneurial businesses, and their venture capital and private equity investors.