PacWest Bancorp (PACW) CEO Purchases $98,938.00 in Stock
PacWest Bancorp (NASDAQ:PACW) CEO Matthew P. Wagner purchased 2,072 shares of the company’s stock in a transaction on Wednesday, April 19th. The stock was acquired at an average price of $47.75 per share, with a total value of $98,938.00. Following the purchase, the chief executive officer now owns 528,934 shares of the company’s stock, valued at $25,256,598.50. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.
PacWest Bancorp (NASDAQ:PACW) traded up 1.65% during midday trading on Thursday, hitting $48.56. 1,705,146 shares of the stock traded hands. The company has a market cap of $5.82 billion, a PE ratio of 16.77 and a beta of 1.51. The company’s 50-day moving average is $53.12 and its 200-day moving average is $51.51. PacWest Bancorp has a one year low of $35.56 and a one year high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by $0.07. The company had revenue of $267.57 million for the quarter, compared to analyst estimates of $272.30 million. PacWest Bancorp had a return on equity of 7.81% and a net margin of 31.11%. During the same period in the prior year, the business earned $0.74 earnings per share. Equities research analysts expect that PacWest Bancorp will post $3.05 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning increased its position in PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock worth $189,000 after buying an additional 1,719 shares during the last quarter. Flinton Capital Management LLC acquired a new position in PacWest Bancorp during the fourth quarter worth about $200,000. First Interstate Bank increased its position in PacWest Bancorp by 8.2% in the fourth quarter. First Interstate Bank now owns 3,950 shares of the financial services provider’s stock worth $215,000 after buying an additional 300 shares during the last quarter. National Planning Corp acquired a new position in PacWest Bancorp during the fourth quarter worth about $215,000. Finally, Oakbrook Investments LLC acquired a new position in PacWest Bancorp during the first quarter worth about $229,000. 88.33% of the stock is owned by institutional investors.
Several equities analysts have commented on the stock. Piper Jaffray Companies dropped their price target on shares of PacWest Bancorp from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Wednesday. FIG Partners set a $61.00 price target on shares of PacWest Bancorp and gave the stock a “buy” rating in a research note on Saturday, January 21st. Citigroup Inc upgraded shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, April 6th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $55.00 price target on shares of PacWest Bancorp in a research note on Tuesday. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $55.22.
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. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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