PacWest Bancorp (PACW) Board Initiates Share Buyback Program

PacWest Bancorp (NASDAQ:PACW) declared that its Board of Directors has approved a stock repurchase program, which authorizes the company to buyback $150.00 million in outstanding shares on Thursday, November 16th, EventVestor reports. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

PacWest Bancorp (NASDAQ:PACW) opened at $45.70 on Tuesday. PacWest Bancorp has a 12 month low of $43.08 and a 12 month high of $57.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. The company has a market cap of $5,822.74, a P/E ratio of 15.20, a P/E/G ratio of 1.52 and a beta of 1.60.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The business had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. During the same quarter last year, the business earned $0.77 earnings per share. research analysts expect that PacWest Bancorp will post 2.96 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Monday, November 20th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.38%. PacWest Bancorp’s dividend payout ratio is presently 67.34%.

A number of brokerages have issued reports on PACW. UBS AG cut shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. FBR & Co cut shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a report on Wednesday, October 18th. SunTrust Banks, Inc. reissued a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a report on Thursday, October 12th. BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Finally, Raymond James Financial, Inc. cut their target price on shares of PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating on the stock in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. PacWest Bancorp presently has an average rating of “Hold” and a consensus target price of $53.00.

ILLEGAL ACTIVITY WARNING: “PacWest Bancorp (PACW) Board Initiates Share Buyback Program” was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this article on another domain, it was stolen and reposted in violation of United States and international trademark & copyright legislation. The original version of this article can be accessed at

In other PacWest Bancorp news, CFO Patrick J. Rusnak purchased 2,000 shares of the firm’s stock in a transaction on Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the transaction, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is owned by company insiders.

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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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.

Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with's FREE daily email newsletter.

Leave a Reply