PacWest Bancorp (NASDAQ: PACW – Get a rating) CAO Monica L. Sparks bought 4,000 shares in a trade dated Monday, June 6. The shares were acquired at an average price of $25.00 per share, with a total value of $100,000.00. Following the completion of the purchase, the accounting director now owns 4,000 shares of the company, valued at approximately $100,000. The acquisition was disclosed in a filing with the SEC, which is available via this link.
PACW traded at $0.40 midday Wednesday, hitting $31.94. 886,679 shares of the company were traded, against an average volume of 1,157,375. The company has a debt ratio of 0.51, a quick ratio of 0.78 and a current ratio of 0.78. PacWest Bancorp has a one-year low of $28.77 and a one-year high of $51.81. The stock has a market capitalization of $3.75 billion, a P/E ratio of 6.60 and a beta of 1.42. The stock’s 50-day simple moving average is $34.43 and its 200-day simple moving average is $42.37.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last reported results on Tuesday, April 19. The financial services provider reported earnings per share (EPS) of $1.01 for the quarter, missing analyst consensus estimates of $1.05 per ($0.04). PacWest Bancorp had a return on equity of 14.96% and a net margin of 41.84%. The company posted revenue of $329.54 million for the quarter, versus a consensus estimate of $342.21 million. In the same quarter last year, the company posted EPS of $1.27. On average, research analysts expect PacWest Bancorp to post earnings per share of 4.41 for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 31. Shareholders of record on Monday, May 16 received a dividend of $0.25 per share. This represents an annualized dividend of $1.00 and a dividend yield of 3.13%. The ex-dividend date was Friday, May 13. PacWest Bancorp’s dividend payout ratio (DPR) is currently 20.66%.
Several large investors have recently increased or reduced their stake in PACW. Amundi Pioneer Asset Management Inc. bought a new stock position in PacWest Bancorp during Q1 worth approximately $3,565,000. Morgan Stanley increased its stake in shares of PacWest Bancorp by 33.8% during the second quarter. Morgan Stanley now owns 319,258 shares of the financial services provider valued at $13,140,000 after buying an additional 80,702 shares last quarter. Renaissance Technologies LLC purchased a new stock position in PacWest Bancorp during Q3, valued at approximately $2,859,000. Martingale Asset Management LP bought a new stock position in PacWest Bancorp during Q3, valued at approximately $464,000. Finally, HighTower Advisors LLC bought a new stock position in PacWest Bancorp during Q3 valued at around $318,000. Institutional investors and hedge funds own 88.68% of the company’s shares.
Several research companies have recently published reports on PACW. Stephens cut his price target on PacWest Bancorp to $48.00 in a Friday, June 3 report. Wells Fargo & Company lowered its price target on PacWest Bancorp from $60.00 to $50.00 and set an “overweight” rating on the stock in a Thursday, April 21 report. Wedbush reduced its price target on PacWest Bancorp from $52.00 to $45.00 in a Wednesday, April 20 report. Raymond James lowered his price target on PacWest Bancorp from $62.00 to $51.00 and set a “Strong Buy” rating on the stock in a Thursday, April 21 report. To finish, StockNews.com began covering PacWest Bancorp in a report on Thursday, March 31. They issued a “hold” rating on the stock. Three analysts gave the stock a hold rating, four gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $53.00.
About PacWest Bancorp (Get a rating)
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation and construction of commercial real estate; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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