Daniel B. Platt Sells 2,550 Shares of PacWest Bancorp (PACW) Stock
PacWest Bancorp (NASDAQ:PACW) Director Daniel B. Platt sold 2,550 shares of PacWest Bancorp stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $42.18, for a total transaction of $107,559.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 42.41 on Tuesday. The company has a market cap of $5.11 billion, a P/E ratio of 15.78 and a beta of 1.66. The stock has a 50 day moving average of $42.18 and a 200 day moving average of $39.76. PacWest Bancorp has a 52-week low of $29.05 and a 52-week high of $48.00.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%. During the same quarter last year, the business posted $0.70 earnings per share. On average, equities analysts anticipate that PacWest Bancorp will post $2.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, August 11th. This represents a $2.00 annualized dividend and a dividend yield of 4.72%. PacWest Bancorp’s dividend payout ratio (DPR) is 74.07%.
Several hedge funds and other institutional investors have recently made changes to their positions in PACW. BlackRock Fund Advisors raised its position in shares of PacWest Bancorp by 111.8% in the first quarter. BlackRock Fund Advisors now owns 8,331,277 shares of the financial services provider’s stock valued at $309,507,000 after buying an additional 4,397,698 shares during the period. Norges Bank acquired a new position in shares of PacWest Bancorp during the fourth quarter valued at approximately $51,272,000. Emerald Acquisition Ltd. acquired a new position in shares of PacWest Bancorp during the second quarter valued at approximately $27,931,000. State Street Corp raised its position in shares of PacWest Bancorp by 15.0% in the first quarter. State Street Corp now owns 5,247,497 shares of the financial services provider’s stock valued at $194,939,000 after buying an additional 682,679 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of PacWest Bancorp by 119.1% in the second quarter. Victory Capital Management Inc. now owns 1,251,024 shares of the financial services provider’s stock valued at $49,766,000 after buying an additional 680,018 shares during the period. Institutional investors own 92.31% of the company’s stock.
A number of equities analysts have commented on the stock. BMO Capital Markets reiterated 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 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 objective on the stock. in a report on Monday, July 18th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. Finally, JMP Securities assumed coverage on shares of PacWest Bancorp in a report on Friday. They issued an “outperform” rating and a $48.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $45.43.
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. 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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