PacWest Bancorp (PACW) Shares Gap Up to $40.04
PacWest Bancorp (NASDAQ:PACW) gapped up prior to trading on Tuesday . The stock had previously closed at $39.67, but opened at $40.04. PacWest Bancorp shares last traded at $41.10, with a volume of 318,389 shares trading hands.
Several equities research analysts recently weighed in on PACW shares. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $45.00 target price on shares of PacWest Bancorp in a research note on Tuesday, May 17th. Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, March 24th. Keefe, Bruyette & Woods reduced their target price on shares of PacWest Bancorp from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, March 24th. BMO Capital Markets reiterated a “hold” rating on shares of PacWest Bancorp in a research note on Thursday, July 7th. Finally, FBR & Co reduced their target price on shares of PacWest Bancorp from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, April 15th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. PacWest Bancorp has an average rating of “Buy” and an average price target of $45.40.
The firm has a market capitalization of $4.96 billion and a PE ratio of 14.60. The company has a 50-day moving average price of $39.87 and a 200 day moving average price of $37.65.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Thursday, April 14th. The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. During the same quarter last year, the business posted $0.61 earnings per share. On average, equities analysts expect that PacWest Bancorp will post $2.88 EPS for the current year.
In other PacWest Bancorp news, EVP Suzanne R. Brennan sold 20,000 shares of the business’s stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $40.01, for a total value of $800,200.00. Following the completion of the sale, the executive vice president now owns 22,500 shares of the company’s stock, valued at approximately $900,225. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds have bought and sold shares of the stock. Vanguard Group Inc. increased its stake in PacWest Bancorp by 7.8% in the fourth quarter. Vanguard Group Inc. now owns 7,717,064 shares of the financial services provider’s stock worth $332,605,000 after buying an additional 555,641 shares in the last quarter. Principal Financial Group Inc. increased its stake in PacWest Bancorp by 26.0% in the fourth quarter. Principal Financial Group Inc. now owns 1,784,043 shares of the financial services provider’s stock worth $76,892,000 after buying an additional 367,641 shares in the last quarter. IronBridge Capital Management LP acquired a new stake in PacWest Bancorp during the fourth quarter worth about $7,400,000. First Trust Advisors LP increased its stake in PacWest Bancorp by 55.8% in the fourth quarter. First Trust Advisors LP now owns 468,683 shares of the financial services provider’s stock worth $20,200,000 after buying an additional 167,791 shares in the last quarter. Finally, Family Management Corp acquired a new stake in PacWest Bancorp during the fourth quarter worth about $6,853,000.
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.
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