Unusual Put Option Trade in PacWest Bancorp Worth $284.4K

On May 2, 2023 at 11:20:54 ET an unusually large $284.40K block of Put contracts in Pacwest Bancorp (PACW) was bought, with a strike price of $8.00 / share, expiring in 17 day(s) (on May 19, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 2.91 sigmas above the mean, placing it in the 99.52th percentile of all recent large trades made in PACW options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 700 funds or institutions reporting positions in Pacwest Bancorp. This is a decrease of 22 owner(s) or 3.05% in the last quarter. Average portfolio weight of all funds dedicated to PACW is 0.21%, a decrease of 2.28%. Total shares owned by institutions decreased in the last three months by 5.70% to 120,975K shares. The put/call ratio of PACW is 0.90, indicating a bullish outlook.

Analyst Price Forecast Suggests 94.93% Upside

As of April 24, 2023, the average one-year price target for Pacwest Bancorp is $17.68. The forecasts range from a low of $10.10 to a high of $33.60. The average price target represents an increase of 94.93% from its latest reported closing price of $9.07.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Pacwest Bancorp is $1,566MM, an increase of 18.26%. The projected annual non-GAAP EPS is $3.95.

What are Other Shareholders Doing?

CAVAX – Catholic Values Equity Fund Class F, effective 1-31-2017 holds 6K shares representing 0.00% ownership of the company. No change in the last quarter.

Hotchkis & Wiley Capital Management holds 419K shares representing 0.36% ownership of the company. In it’s prior filing, the firm reported owning 342K shares, representing an increase of 18.34%. The firm increased its portfolio allocation in PACW by 11.11% over the last quarter.

RTDAX – Multifactor U.S. Equity Fund holds 3K shares representing 0.00% ownership of the company. No change in the last quarter.

Western Financial holds 103K shares representing 0.09% ownership of the company. In it’s prior filing, the firm reported owning 101K shares, representing an increase of 2.00%. The firm decreased its portfolio allocation in PACW by 14.86% over the last quarter.

EQ ADVISORS TRUST – EQ holds 16K shares representing 0.01% ownership of the company. No change in the last quarter.

Pacwest Bancorp Background Information
(This description is provided by the company.)

PacWest Bancorp (‘PacWest’) is a bank holding company with over $29 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the ‘Bank’). The Bank has 70 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. Its Community Banking group provides lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through its California-based branch offices and Denver, Colorado branch office. It offers additional products and services through its National Lending and Venture Banking groups. National Lending provides asset-based, equipment, and real estate loans and treasury management services to established middle market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial or venture-backed businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States.

See all Pacwest Bancorp regulatory filings.

This article originally appeared on Fintel

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