PacWest Bancorp (NASDAQ:PACW) Director Daniel B. Platt sold 2,550 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $42.18, for a total value of $107,559.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
PacWest Bancorp (NASDAQ:PACW) opened at 42.38 on Wednesday. PacWest Bancorp has a one year low of $29.05 and a one year high of $48.00. The firm’s 50-day moving average price is $42.23 and its 200 day moving average price is $39.81. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 15.77 and a beta of 1.66.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%. During the same period in the prior year, the firm earned $0.70 EPS. On average, equities research analysts expect that PacWest Bancorp will post $2.86 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Monday, August 15th were given a dividend of $0.50 per share. The ex-dividend date was Thursday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.72%. PacWest Bancorp’s payout ratio is 74.07%.
Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in PacWest Bancorp during the fourth quarter valued at $51,272,000. Quantitative Systematic Strategies LLC bought a new stake in shares of PacWest Bancorp during the first quarter worth approximately $1,496,000. Aperio Group LLC boosted its stake in shares of PacWest Bancorp by 8.6% in the first quarter. Aperio Group LLC now owns 39,549 shares of the financial services provider’s stock worth $1,469,000 after buying an additional 3,117 shares in the last quarter. Nisa Investment Advisors L.L.C. boosted its stake in shares of PacWest Bancorp by 54.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 41,200 shares of the financial services provider’s stock worth $1,531,000 after buying an additional 14,600 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in shares of PacWest Bancorp by 0.5% in the first quarter. TIAA CREF Investment Management LLC now owns 458,470 shares of the financial services provider’s stock worth $17,032,000 after buying an additional 2,135 shares in the last quarter. 92.31% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently commented on PACW. BMO Capital Markets reissued a “hold” rating on shares of PacWest Bancorp in a research note on Thursday, July 7th. FBR & Co reissued an “outperform” rating and issued a $46.00 price objective (down from $48.00) on shares of PacWest Bancorp in a research note on Monday, July 18th. DA Davidson downgraded PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research note on Monday, July 18th. They noted that the move was a valuation call. Zacks Investment Research downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Finally, JMP Securities assumed coverage on PacWest Bancorp in a research report on Friday, September 16th. They set an “outperform” rating and a $48.00 price target for the company. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. PacWest Bancorp presently has an average rating of “Buy” and a consensus price target of $45.43.
PacWest Bancorp Company Profile
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.