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 the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 42.41 on Tuesday. PacWest Bancorp has a 12 month low of $29.05 and a 12 month high of $48.00. The company’s 50 day moving average is $42.18 and its 200-day moving average is $39.76. The firm has a market cap of $5.11 billion, a PE ratio of 15.78 and a beta of 1.66.
PacWest Bancorp (NASDAQ:PACW) last issued its 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. PacWest Bancorp had a return on equity of 7.57% and a net margin of 29.59%. During the same quarter last year, the company earned $0.70 EPS. Equities research analysts predict that PacWest Bancorp will post $2.86 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Monday, August 15th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, August 11th. This represents a $2.00 dividend on an annualized basis and a yield of 4.72%. PacWest Bancorp’s payout ratio is 74.07%.
A number of institutional investors have recently modified their holdings of the company. Canada Pension Plan Investment Board increased its position in PacWest Bancorp by 3.4% in the first quarter. Canada Pension Plan Investment Board now owns 3,000 shares of the financial services provider’s stock valued at $111,000 after buying an additional 100 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in PacWest Bancorp by 8.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,065 shares of the financial services provider’s stock valued at $114,000 after buying an additional 238 shares in the last quarter. Mycio Wealth Partners LLC increased its position in PacWest Bancorp by 50.1% in the second quarter. Mycio Wealth Partners LLC now owns 3,595 shares of the financial services provider’s stock valued at $143,000 after buying an additional 1,200 shares in the last quarter. Advisor Group Inc. bought a new position in PacWest Bancorp during the second quarter valued at approximately $153,000. Finally, Meeder Asset Management Inc. bought a new position in PacWest Bancorp during the second quarter valued at approximately $156,000. Institutional investors and hedge funds own 92.31% of the company’s stock.
A number of brokerages have weighed in on PACW. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, September 15th. BMO Capital Markets reaffirmed a “hold” rating on shares of PacWest Bancorp in a report on Thursday, July 7th. FBR & Co reaffirmed an “outperform” rating and set a $46.00 price objective (down from $48.00) on shares of PacWest Bancorp in a report on Monday, July 18th. JMP Securities initiated coverage on shares of PacWest Bancorp in a report on Friday. They set an “outperform” rating and a $48.00 price objective for the company. 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 report on Monday, July 18th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $45.43.
PacWest Bancorp Company Profile
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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