PacWest Bancorp (NASDAQ:PACW) Receives Consensus “Moderate Buy” Rating From Brokerages
PacWest Bancorp (NASDAQ: PACW – Get a rating) was given a consensus “Buy” rating by the eight analysts who currently cover the company, Marketbeat reports. One investment analyst gave the stock a hold rating, three issued a buy rating and one issued a strong buy rating for the company. The 1-year average price target among analysts who have reported on the stock in the past year is $48.00.
A number of stock analysts have published reports on PACW shares. Truist Financial lowered its price target on PacWest Bancorp from $45.00 to $38.00 and placed a “buy” rating on the stock in a Monday, June 13 research report. StockNews.com began covering PacWest Bancorp in a research report on Thursday, March 31. They have set a “holding” rating on the stock. Stephens lowered his price target on PacWest Bancorp to $48.00 in a Friday, June 3 research report. Wedbush lowered its price target on PacWest Bancorp from $52.00 to $45.00 in a Wednesday, April 20 research report. Finally, Raymond James lowered his price target on PacWest Bancorp from $62.00 to $51.00 and set a “Strong Buy” rating on the stock in a Thursday, April 21 research report.
In related news, CAO Monica L. Sparks purchased 4,000 shares of the company in a trade that took place on Monday, June 6. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the acquisition, the chief accounting officer now owns 4,000 shares of the company, valued at approximately $100,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, Executive Vice President Rebecca H. Cordes purchased 10,000 shares of the company in a transaction that took place on Monday, June 6. The stock was purchased at an average price of $25.00 per share, with a total value of $250,000.00. Following the completion of the acquisition, the executive vice president now owns 10,000 shares of the company, valued at approximately $250,000. Disclosure of this purchase can be found here. During the last quarter, insiders bought 42,000 shares of the company worth $1,050,000. 1.25% of the shares are currently held by insiders of the company.
Institutional investors have recently been buying and selling shares of the company. Northwestern Mutual Wealth Management Co. increased its holdings of PacWest Bancorp shares by 446.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 563 shares of the financial services provider valued at $26,000 after buying an additional 460 shares in the last quarter. UMB Bank NA MO acquired a new position in PacWest Bancorp in Q4 worth approximately $27,000. Farmers & Merchants Investments Inc. acquired a new position in PacWest Bancorp in Q4 valued at approximately $29,000. Exchange Traded Concepts LLC acquired a new position in PacWest Bancorp in Q1 worth approximately $29,000. Finally, Widmann Financial Services Inc. acquired a new position in PacWest Bancorp during Q4 worth approximately $58,000. 88.68% of the shares are held by institutional investors and hedge funds.
PacWest Bancorp stock opened Wednesday at $27.31. The company has a market capitalization of $3.21 billion, a price-earnings ratio of 5.64 and a beta of 1.42. PacWest Bancorp has a 52-week low of $25.60 and a 52-week high of $51.81. The company’s 50-day moving average price is $31.00 and its 200-day moving average price is $40.53. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt ratio of 0.51.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last released its results on Tuesday, April 19. The financial services provider reported EPS of $1.01 for the quarter, missing the consensus estimate of $1.05 per ($0.04). The company posted revenue of $329.54 million for the quarter, versus analyst estimates of $342.21 million. PacWest Bancorp had a return on equity of 14.96% and a net margin of 41.84%. During the same period last year, the company made earnings per share of $1.27. Equity analysts expect PacWest Bancorp to post EPS of 4.36 for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 31. Shareholders of record on Monday, May 16 received a dividend of $0.25. The ex-dividend date was Friday, May 13. This represents an annualized dividend of $1.00 and a dividend yield of 3.66%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 20.66%.
About PacWest Bancorp (Get a rating)
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation and construction of commercial real estate; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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