PacWest Bancorp (PACW) Shares Gap Up to $41.07
Shares of PacWest Bancorp (NASDAQ:PACW) gapped up prior to trading on Monday . The stock had previously closed at $40.95, but opened at $41.07. PacWest Bancorp shares last traded at $41.99, with a volume of 113,642 shares changing hands.
A number of brokerages recently weighed in on PACW. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. BMO Capital Markets reissued a “hold” rating on shares of PacWest Bancorp in a report on Monday, July 18th. DA Davidson lowered shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price target for the company. in a report on Monday, July 18th. They noted that the move was a valuation call. FBR & Co reissued an “outperform” rating and issued a $46.00 price target (down previously from $48.00) on shares of PacWest Bancorp in a report on Monday, July 18th. Finally, Piper Jaffray Cos. reissued an “overweight” rating and issued a $45.00 price target on shares of PacWest Bancorp in a report on Tuesday, May 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $45.00.
The stock has a market capitalization of $5.06 billion and a P/E ratio of 15.64. The stock’s 50-day moving average is $40.44 and its 200 day moving average is $38.12.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.01. During the same period in the prior year, the company 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 declared a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend is Thursday, August 11th.
In other news, EVP Kori Ogrosky sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $41.07, for a total transaction of $82,140.00. Following the completion of the sale, the executive vice president now owns 42,283 shares of the company’s stock, valued at approximately $1,736,562.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Other institutional investors recently modified their holdings of the company. Westfield Capital Management Co. LP increased its position in shares of PacWest Bancorp by 12.0% in the fourth quarter. Westfield Capital Management Co. LP now owns 116,530 shares of the financial services provider’s stock valued at $5,022,000 after buying an additional 12,480 shares during the last quarter. I.G. Investment Management LTD. bought a new position in shares of PacWest Bancorp during the fourth quarter valued at approximately $1,055,000. Trexquant Investment LP increased its position in shares of PacWest Bancorp by 90.2% in the fourth quarter. Trexquant Investment LP now owns 50,791 shares of the financial services provider’s stock valued at $2,189,000 after buying an additional 24,091 shares during the last quarter. Finally, State of Wisconsin Investment Board increased its position in shares of PacWest Bancorp by 142.1% in the fourth quarter. State of Wisconsin Investment Board now owns 81,429 shares of the financial services provider’s stock valued at $3,510,000 after buying an additional 47,793 shares during the last quarter.
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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