Christopher D. Blake Sells 10,000 Shares of PacWest Bancorp (PACW) Stock
PacWest Bancorp (NASDAQ:PACW) EVP Christopher D. Blake sold 10,000 shares of the business’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $51.00, for a total transaction of $510,000.00. Following the completion of the sale, the executive vice president now owns 53,997 shares in the company, valued at $2,753,847. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 51.25 on Thursday. The firm has a market cap of $6.09 billion, a P/E ratio of 18.39 and a beta of 1.46. PacWest Bancorp has a 12-month low of $29.05 and a 12-month high of $52.15. The firm’s 50-day moving average price is $45.41 and its 200 day moving average price is $42.22.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.80% and a net margin of 30.41%. During the same quarter last year, the company earned $0.63 earnings per share. On average, equities analysts expect that PacWest Bancorp will post $2.90 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.90%. The ex-dividend date was Thursday, November 10th. PacWest Bancorp’s payout ratio is presently 71.68%.
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PACW has been the topic of several research reports. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, August 25th. JMP Securities initiated coverage on shares of PacWest Bancorp in a research report on Friday, September 16th. They issued an “outperform” rating and a $48.00 price target on the stock. Finally, Wells Fargo & Co. cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 4th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $45.00.
Hedge funds have recently made changes to their positions in the company. Assetmark Inc. boosted its stake in shares of PacWest Bancorp by 1.9% in the third quarter. Assetmark Inc. now owns 2,360 shares of the financial services provider’s stock valued at $101,000 after buying an additional 45 shares during the last quarter. Mycio Wealth Partners LLC boosted its stake in shares of PacWest Bancorp by 50.1% in the second quarter. Mycio Wealth Partners LLC now owns 3,595 shares of the financial services provider’s stock valued at $143,000 after buying an additional 1,200 shares during the last quarter. Advisor Group Inc. acquired a new stake in shares of PacWest Bancorp during the second quarter valued at approximately $153,000. Meeder Asset Management Inc. acquired a new stake in shares of PacWest Bancorp during the second quarter valued at approximately $156,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PacWest Bancorp by 12.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,664 shares of the financial services provider’s stock valued at $157,000 after buying an additional 419 shares during the last quarter. Institutional investors own 89.95% of the company’s stock.
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. 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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