PacWest Bancorp (NASDAQ:PACW) CEO Matthew P. Wagner bought 2,072 shares of PacWest Bancorp stock in a transaction dated Wednesday, April 19th. The stock was acquired at an average cost of $47.75 per share, for a total transaction of $98,938.00. Following the completion of the acquisition, the chief executive officer now directly owns 528,934 shares in the company, valued at $25,256,598.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
PacWest Bancorp (NASDAQ:PACW) traded up 0.10% on Friday, reaching $48.61. The company’s stock had a trading volume of 624,209 shares. The firm’s 50 day moving average is $52.87 and its 200-day moving average is $51.49. PacWest Bancorp has a 12 month low of $35.56 and a 12 month high of $57.53. The firm has a market cap of $5.83 billion, a P/E ratio of 16.79 and a beta of 1.51.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Monday, April 17th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by $0.07. The firm earned $267.57 million during the quarter, compared to analyst estimates of $272.30 million. PacWest Bancorp had a net margin of 31.11% and a return on equity of 7.81%. During the same quarter in the previous year, the firm earned $0.74 EPS. On average, equities research analysts anticipate that PacWest Bancorp will post $2.88 EPS for the current year.
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A number of large investors have recently bought and sold shares of PACW. Nationwide Fund Advisors increased its stake in PacWest Bancorp by 3.5% in the third quarter. Nationwide Fund Advisors now owns 226,890 shares of the financial services provider’s stock valued at $9,736,000 after buying an additional 7,699 shares during the period. Louisiana State Employees Retirement System increased its stake in PacWest Bancorp by 2.6% in the third quarter. Louisiana State Employees Retirement System now owns 31,200 shares of the financial services provider’s stock valued at $1,339,000 after buying an additional 800 shares during the period. Ledyard National Bank increased its stake in PacWest Bancorp by 10.0% in the third quarter. Ledyard National Bank now owns 102,525 shares of the financial services provider’s stock valued at $4,400,000 after buying an additional 9,355 shares during the period. Texas Permanent School Fund increased its stake in PacWest Bancorp by 4.8% in the third quarter. Texas Permanent School Fund now owns 91,729 shares of the financial services provider’s stock valued at $3,936,000 after buying an additional 4,209 shares during the period. Finally, Stanley Laman Group Ltd. increased its stake in PacWest Bancorp by 18.2% in the third quarter. Stanley Laman Group Ltd. now owns 22,200 shares of the financial services provider’s stock valued at $953,000 after buying an additional 3,426 shares during the period. 88.33% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently commented on PACW shares. Piper Jaffray Companies boosted their target price on PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a report on Tuesday, April 11th. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Thursday, March 23rd. FBR & Co reissued a “buy” rating and issued a $62.00 target price on shares of PacWest Bancorp in a report on Friday, January 20th. FIG Partners boosted their target price on PacWest Bancorp from $56.00 to $60.50 and gave the stock an “outperform” rating in a report on Friday, January 20th. Finally, Raymond James Financial, Inc. raised PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a report on Thursday, April 6th. Five analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $55.22.
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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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