PacWest Bancorp (PACW) CFO Patrick J. Rusnak Purchases 2,000 Shares

PacWest Bancorp (NASDAQ:PACW) CFO Patrick J. Rusnak bought 2,000 shares of the firm’s stock in a transaction on Thursday, October 19th. The shares were acquired at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the transaction, the chief financial officer now owns 77,852 shares in the company, valued at $3,652,815.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Shares of PacWest Bancorp (PACW) traded up 0.08% during trading on Friday, reaching $48.92. 984,107 shares of the company traded hands. PacWest Bancorp has a 12-month low of $41.28 and a 12-month high of $57.53. The stock has a market capitalization of $5.94 billion, a PE ratio of 16.52 and a beta of 1.62. The firm’s 50-day moving average is $48.03 and its 200-day moving average is $47.67.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.09. The firm had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period in the previous year, the business posted $0.77 EPS. On average, equities analysts predict that PacWest Bancorp will post $2.99 earnings per share for the current fiscal year.

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Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Nova Scotia bought a new stake in shares of PacWest Bancorp in the 2nd quarter worth approximately $1,742,000. Synovus Financial Corp raised its holdings in PacWest Bancorp by 9.3% during the 2nd quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock valued at $6,641,000 after buying an additional 12,055 shares during the last quarter. Victory Capital Management Inc. raised its holdings in PacWest Bancorp by 11.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock valued at $75,653,000 after buying an additional 167,575 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in PacWest Bancorp by 4.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock valued at $59,942,000 after buying an additional 59,603 shares during the last quarter. Finally, Heartland Advisors Inc. raised its holdings in PacWest Bancorp by 20.1% during the 2nd quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock valued at $11,217,000 after buying an additional 40,200 shares during the last quarter. Hedge funds and other institutional investors own 89.05% of the company’s stock.

A number of research analysts have issued reports on the stock. UBS AG lowered shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. FBR & Co lowered shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Wednesday, October 18th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $54.00 price target on shares of PacWest Bancorp in a report on Thursday, October 19th. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Finally, BMO Capital Markets cut their price target on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $53.00.

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. 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.

Insider Buying and Selling by Quarter for PacWest Bancorp (NASDAQ:PACW)

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