PacWest Bancorp (NASDAQ:PACW) shares saw strong trading volume on Friday . 3,224,290 shares changed hands during mid-day trading, an increase of 303% from the previous session’s volume of 799,583 shares.The stock last traded at $52.96 and had previously closed at $52.32.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research cut PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. BidaskClub raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, February 8th. B. Riley restated a “neutral” rating and set a $55.00 price target (up from $52.00) on shares of PacWest Bancorp in a research report on Monday, January 22nd. BMO Capital Markets increased their price target on PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a research report on Friday, January 19th. Finally, DA Davidson restated a “buy” rating and set a $59.00 price target on shares of PacWest Bancorp in a research report on Friday, January 19th. Ten analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.18.
The stock has a market capitalization of $6,560.58, a PE ratio of 18.14, a P/E/G ratio of 1.51 and a beta of 1.45. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.08). The business had revenue of $289.75 million for the quarter, compared to the consensus estimate of $297.74 million. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same quarter last year, the company earned $0.71 earnings per share. research analysts forecast that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a yield of 3.78%. PacWest Bancorp’s payout ratio is 68.49%.
PacWest Bancorp declared that its Board of Directors has approved a share buyback plan on Thursday, November 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PACW. Millennium Management LLC boosted its position in PacWest Bancorp by 66.5% in the 4th quarter. Millennium Management LLC now owns 2,747,060 shares of the financial services provider’s stock valued at $138,452,000 after buying an additional 1,097,347 shares during the last quarter. TimesSquare Capital Management LLC bought a new position in PacWest Bancorp in the 4th quarter valued at $54,331,000. Janus Henderson Group PLC boosted its position in PacWest Bancorp by 34.1% in the 3rd quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock valued at $157,610,000 after buying an additional 794,113 shares during the last quarter. BlackRock Inc. lifted its stake in shares of PacWest Bancorp by 5.0% in the 4th quarter. BlackRock Inc. now owns 13,945,196 shares of the financial services provider’s stock valued at $702,839,000 after purchasing an additional 659,918 shares during the period. Finally, Prudential Financial Inc. lifted its stake in shares of PacWest Bancorp by 86.1% in the 3rd quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock valued at $56,907,000 after purchasing an additional 521,327 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.
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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 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.
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