PacWest Bancorp (PACW) Lifted to Hold at Zacks Investment Research
According to Zacks, “PACWEST BANCORP, formerly First Community Bancorp, with one wholly-owned banking subsidiary, Pacific Western Bank. Through sixty full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. “
Other equities analysts also recently issued research reports about the company. DA Davidson downgraded PacWest Bancorp from a buy rating to a neutral rating and set a $45.00 target price for the company. in a research report on Monday, July 18th. They noted that the move was a valuation call. FBR & Co restated an outperform rating and set a $46.00 target price (down previously from $48.00) on shares of PacWest Bancorp in a research report on Monday, July 18th. Finally, BMO Capital Markets restated a hold rating on shares of PacWest Bancorp in a research report on Monday, July 18th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $45.43.
PacWest Bancorp (NASDAQ:PACW) opened at 42.41 on Thursday. The company has a market cap of $5.11 billion, a PE ratio of 15.78 and a beta of 1.66. PacWest Bancorp has a 52 week low of $29.05 and a 52 week high of $48.00. The company’s 50-day moving average price is $42.18 and its 200 day moving average price is $39.76.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 EPS 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 period in the prior year, the company posted $0.70 earnings per share. On average, analysts anticipate that PacWest Bancorp will post $2.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Investors 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 dividend on an annualized basis and a dividend yield of 4.72%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 74.07%.
In other PacWest Bancorp news, EVP Kori Ogrosky sold 2,000 shares of PacWest Bancorp stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $41.07, for a total transaction of $82,140.00. Following the transaction, the executive vice president now directly owns 42,283 shares in the company, valued at $1,736,562.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel B. Platt sold 2,550 shares of PacWest Bancorp stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $42.18, for a total value of $107,559.00. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Fund Advisors raised its position in 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 in the last quarter. Norges Bank acquired a new position in PacWest Bancorp during the fourth quarter valued at $51,272,000. Emerald Acquisition Ltd. acquired a new position in PacWest Bancorp during the second quarter valued at $27,931,000. State Street Corp raised its position in 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 in the last quarter. Finally, Victory Capital Management Inc. raised its position in 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 in the last quarter. Hedge funds and other institutional investors own 92.31% of the company’s stock.
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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