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NEW YORK ( TheStreet) -- PacWest Bancorp (Nasdaq: PACW) hit a new 52-week low Thursday as it is currently trading at $15.02, below its previous 52-week low of $15.22 with 30,940 shares traded as of 10:14 a.m. ET. Average volume has been 245,600 shares over the past 30 days. PacWest has a market cap of $598.6 million and is part of the financial sector and banking industry. Shares are down 23.9% year to date as of the close of trading on Wednesday. PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides commercial banking products and services to small to medium size businesses, the owners and employees of those businesses, and households primarily in Southern California. The company has a P/E ratio of 30.3, below the average banking industry P/E ratio of 30.9 and above the S&P 500 P/E ratio of 17.7.