PacWest Bancorp (NASDAQ:PACW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
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. “
A number of other equities analysts have also issued reports on the company. BMO Capital Markets reissued a “hold” rating on shares of PacWest Bancorp in a report on Monday, July 18th. DA Davidson lowered PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Monday, July 18th. They noted that the move was a valuation call. FBR & Co reaffirmed an “outperform” rating and set a $46.00 price target (down from $48.00) on shares of PacWest Bancorp in a research note on Monday, July 18th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $45.00 price target on shares of PacWest Bancorp in a research note on Tuesday, May 17th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. PacWest Bancorp has an average rating of “Buy” and an average target price of $45.00.
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PacWest Bancorp (NASDAQ:PACW) opened at 43.25 on Friday. The firm has a market capitalization of $5.21 billion, a PE ratio of 16.09 and a beta of 1.66. The stock has a 50 day moving average price of $41.90 and a 200-day moving average price of $39.18. PacWest Bancorp has a 12-month low of $29.05 and a 12-month high of $48.00.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by $0.01. During the same period last year, the company earned $0.70 earnings per share. On average, equities research analysts forecast 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. Stockholders of record on Monday, August 15th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.62%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 74.07%.
In other news, Director John M. Eggemeyer III sold 537,260 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $42.34, for a total transaction of $22,747,588.40. Following the completion of the sale, the director now owns 257,940 shares in the company, valued at approximately $10,921,179.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kori Ogrosky sold 2,000 shares of the stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $41.07, for a total value of $82,140.00. Following the sale, the executive vice president now owns 42,283 shares of the company’s stock, valued at approximately $1,736,562.81. The disclosure for this sale can be found here. Insiders own 1.43% of the company’s stock.
Other large investors recently made changes to their positions in the company. Bbva Compass Bancshares Inc. bought a new stake in shares of PacWest Bancorp during the second quarter worth approximately $205,000. First Midwest Bank Trust Division raised its stake in PacWest Bancorp by 92.6% in the second quarter. First Midwest Bank Trust Division now owns 20,874 shares of the financial services provider’s stock worth $830,000 after buying an additional 10,035 shares during the last quarter. American Century Companies Inc. raised its stake in PacWest Bancorp by 30.5% in the second quarter. American Century Companies Inc. now owns 440,922 shares of the financial services provider’s stock worth $17,540,000 after buying an additional 103,125 shares during the last quarter. Bank of Montreal Can acquired a new stake in PacWest Bancorp during the second quarter worth about $421,000. Finally, Ledyard National Bank acquired a new stake in PacWest Bancorp during the second quarter worth about $3,706,000. Institutional investors own 92.94% of the company’s stock.
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. 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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