PacWest Bancorp (PACW) Sees Unusually-High Trading Volume
PacWest Bancorp (NASDAQ:PACW) saw an uptick in trading volume on Monday . 657,610 shares changed hands during mid-day trading, an increase of 26% from the previous session’s volume of 522,368 shares.The stock last traded at $41.85 and had previously closed at $42.14.
Several research firms have commented on PACW. BMO Capital Markets reaffirmed a “hold” rating on shares of PacWest Bancorp in a report on Thursday, July 7th. FBR & Co reiterated an “outperform” rating and issued a $46.00 price objective (down previously from $48.00) on shares of PacWest Bancorp in a research report on Monday, July 18th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $45.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, May 17th. Finally, DA Davidson downgraded shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Monday, July 18th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. PacWest Bancorp has a consensus rating of “Hold” and a consensus target price of $45.00.
The firm has a 50-day moving average of $40.98 and a 200-day moving average of $38.32. The company has a market capitalization of $5.06 billion and a PE ratio of 15.62.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.68 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. During the same period in the previous year, the business posted $0.70 EPS. Analysts forecast that PacWest Bancorp will post $2.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Monday, August 15th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.76%.
In related news, EVP Kori Ogrosky sold 2,000 shares of PacWest Bancorp stock in a transaction 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 sale, the executive vice president now directly owns 42,283 shares in the company, valued at approximately $1,736,562.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
An institutional investor recently raised its position in PacWest Bancorp stock. Trexquant Investment LP raised its stake in PacWest Bancorp (NASDAQ:PACW) by 90.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,791 shares of the financial services provider’s stock after buying an additional 24,091 shares during the period. Trexquant Investment LP’s holdings in PacWest Bancorp were worth $2,189,000 as of its most recent filing with the SEC.
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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