PacWest Bancorp (PACW) Sees Large Volume Increase
PacWest Bancorp (NASDAQ:PACW) saw unusually-high trading volume on Monday . Approximately 547,530 shares traded hands during trading, a decline of 9% from the previous session’s volume of 599,113 shares.The stock last traded at $42.47 and had previously closed at $41.85.
PACW has been the subject of a number of recent research reports. DA Davidson lowered PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research note on Monday, July 18th. They noted that the move was a valuation call. Piper Jaffray Cos. reiterated an “overweight” rating and set a $45.00 price objective on shares of PacWest Bancorp in a research note on Tuesday, May 17th. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. FBR & Co reiterated an “outperform” rating and set a $46.00 price objective (down previously from $48.00) on shares of PacWest Bancorp in a research note on Monday, July 18th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of PacWest Bancorp in a research note on Monday, July 18th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $45.00.
The stock has a 50 day moving average of $41.44 and a 200-day moving average of $38.71. The stock has a market cap of $5.10 billion and a P/E ratio of 15.76.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by $0.01. During the same period in the previous year, the firm earned $0.70 EPS. On average, equities analysts anticipate that PacWest Bancorp will post $2.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Monday, August 15th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.72%.
In other PacWest Bancorp news, EVP Kori Ogrosky sold 2,000 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $41.07, for a total value of $82,140.00. Following the completion of the transaction, the executive vice president now directly owns 42,283 shares of the company’s stock, valued at $1,736,562.81. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John M. Eggemeyer III sold 390,000 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $42.13, for a total transaction of $16,430,700.00. Following the completion of the transaction, the director now directly owns 257,940 shares of the company’s stock, valued at $10,867,012.20. The disclosure for this sale can be found here.
An institutional investor recently raised its position in PacWest Bancorp stock. Schwab Charles Investment Management Inc. increased its position in shares of PacWest Bancorp (NASDAQ:PACW) by 21.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 426,052 shares of the financial services provider’s stock after buying an additional 74,381 shares during the period. Schwab Charles Investment Management Inc. owned 0.35% of PacWest Bancorp worth $18,363,000 as of its most recent SEC filing.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.