PacWest Bancorp (NASDAQ:PACW) announced a quarterly dividend on Wednesday, August 2nd, Wall Street Journal reports. Stockholders of record on Monday, August 21st will be given a dividend of 0.50 per share by the financial services provider on Thursday, August 31st. This represents a $2.00 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend is Thursday, August 17th.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 45.96 on Wednesday. The firm has a market cap of $5.52 billion, a P/E ratio of 15.87 and a beta of 1.58. PacWest Bancorp has a one year low of $40.60 and a one year high of $57.53. The firm’s 50-day moving average price is $47.35 and its 200 day moving average price is $50.40.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The business had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. During the same quarter in the previous year, the firm earned $0.68 earnings per share. Analysts predict that PacWest Bancorp will post $2.95 EPS for the current year.
Several research analysts have weighed in on the company. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $55.00 price objective on shares of PacWest Bancorp in a research report on Thursday, May 18th. BidaskClub cut PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Wedbush reissued a “neutral” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, June 27th. FBR & Co set a $55.00 price objective on PacWest Bancorp and gave the stock a “buy” rating in a research report on Wednesday, July 19th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $55.00 price objective on shares of PacWest Bancorp in a research report on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $55.60.
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In related news, Director Craig A. Carlson sold 1,081 shares of the business’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total transaction of $50,979.96. Following the sale, the director now directly owns 6,273 shares in the company, valued at approximately $295,834.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.98% 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. 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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