PacWest Bancorp (NASDAQ:PACW) CEO Matthew P. Wagner purchased 2,072 shares of the company’s stock in a transaction dated Wednesday, April 19th. The stock was purchased at an average price of $47.75 per share, for a total transaction of $98,938.00. Following the completion of the purchase, the chief executive officer now owns 528,934 shares in the company, valued at $25,256,598.50. The transaction was disclosed in a filing with the SEC, which is available at this link.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 47.10 on Friday. The firm’s 50-day moving average price is $50.14 and its 200-day moving average price is $52.51. PacWest Bancorp has a 12-month low of $35.56 and a 12-month high of $57.53. The company has a market capitalization of $5.57 billion, a PE ratio of 16.82 and a beta of 1.51.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Monday, April 17th. The financial services provider reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.07. The business had revenue of $267.57 million for the quarter, compared to analyst estimates of $272.30 million. PacWest Bancorp had a return on equity of 7.81% and a net margin of 31.11%. During the same period last year, the company posted $0.74 earnings per share. On average, analysts expect that PacWest Bancorp will post $2.85 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Monday, May 22nd will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, May 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.25%. PacWest Bancorp’s dividend payout ratio (DPR) is 68.97%.
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A number of equities analysts have recently issued reports on PACW shares. Stephens upgraded PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a research note on Monday, April 24th. Piper Jaffray Companies raised their price target on PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 11th. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Thursday, March 23rd. Raymond James Financial, Inc. raised PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a report on Thursday, April 6th. Finally, FBR & Co reaffirmed an “outperform” rating and issued a $55.00 target price (down from $62.00) on shares of PacWest Bancorp in a report on Monday, April 17th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. PacWest Bancorp has an average rating of “Buy” and an average price target of $55.22.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of PacWest Bancorp by 8,223.2% in the first quarter. BlackRock Inc. now owns 13,143,190 shares of the financial services provider’s stock worth $700,008,000 after buying an additional 12,985,280 shares during the period. Vanguard Group Inc. boosted its stake in shares of PacWest Bancorp by 6.3% in the first quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock worth $527,062,000 after buying an additional 583,193 shares during the period. Capital World Investors boosted its stake in shares of PacWest Bancorp by 16.5% in the third quarter. Capital World Investors now owns 8,031,589 shares of the financial services provider’s stock worth $344,635,000 after buying an additional 1,140,000 shares during the period. FMR LLC boosted its stake in shares of PacWest Bancorp by 17.1% in the fourth quarter. FMR LLC now owns 5,151,820 shares of the financial services provider’s stock worth $280,465,000 after buying an additional 752,242 shares during the period. Finally, State Street Corp boosted its stake in shares of PacWest Bancorp by 3.7% in the first quarter. State Street Corp now owns 5,138,069 shares of the financial services provider’s stock worth $273,659,000 after buying an additional 184,578 shares during the period. 88.33% of the stock is currently owned by institutional investors.
About PacWest Bancorp
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. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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