PacWest Bancorp (NASDAQ:PACW) CEO Matthew P. Wagner purchased 2,072 shares of the firm’s stock in a transaction on Wednesday, April 19th. The stock was bought at an average cost of $47.75 per share, with a total value of $98,938.00. Following the completion of the purchase, the chief executive officer now owns 528,934 shares of the company’s stock, valued at approximately $25,256,598.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Shares of PacWest Bancorp (NASDAQ:PACW) traded up 0.10% during midday trading on Friday, reaching $48.61. 624,209 shares of the company’s stock were exchanged. The stock has a market capitalization of $5.83 billion, a P/E ratio of 16.79 and a beta of 1.51. PacWest Bancorp has a 12-month low of $35.56 and a 12-month high of $57.53. The firm has a 50-day moving average of $52.87 and a 200-day moving average of $51.49.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by $0.07. The business earned $267.57 million during the quarter, compared to analysts’ expectations 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 in the previous year, the business posted $0.74 EPS. Analysts anticipate that PacWest Bancorp will post $2.88 EPS for the current fiscal year.
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PACW has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 14th. FIG Partners lifted their price target on shares of PacWest Bancorp from $56.00 to $60.50 and gave the company an “outperform” rating in a research note on Friday, January 20th. FBR & Co reaffirmed a “buy” rating and issued a $62.00 price target on shares of PacWest Bancorp in a research note on Friday, January 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $56.00 price target on shares of PacWest Bancorp in a research note on Monday, April 3rd. Finally, Raymond James Financial, Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price for the company in a research report on Thursday, April 6th. Five analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $55.22.
Several institutional investors have recently bought and sold shares of PACW. Norges Bank acquired a new position in PacWest Bancorp during the fourth quarter worth about $68,197,000. Capital World Investors increased its position in 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 last quarter. FMR LLC increased its position in 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 last quarter. State Street Corp increased its position in PacWest Bancorp by 12.9% in the fourth quarter. State Street Corp now owns 4,953,491 shares of the financial services provider’s stock worth $269,670,000 after buying an additional 566,004 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in PacWest Bancorp during the fourth quarter worth about $28,526,000. 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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