PacWest Bancorp (NASDAQ:PACW) announced that its board has authorized a stock buyback plan, which permits the company to buyback $150.00 million in outstanding shares on Thursday, November 16th, EventVestor reports. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
PacWest Bancorp (NASDAQ PACW) opened at $45.12 on Thursday. The stock has a market capitalization of $5,892.36, a price-to-earnings ratio of 15.39, a P/E/G ratio of 1.54 and a beta of 1.60. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 12-month low of $43.08 and a 12-month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same period last year, the company earned $0.77 EPS. equities research analysts anticipate that PacWest Bancorp will post 2.96 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Monday, November 20th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.43%. The ex-dividend date of this dividend is Friday, November 17th. PacWest Bancorp’s dividend payout ratio is currently 67.34%.
Several research firms recently weighed in on PACW. Raymond James Financial, Inc. downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a report on Wednesday, November 1st. UBS AG downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Piper Jaffray Companies reissued a “buy” rating and set a $54.00 price objective on shares of PacWest Bancorp in a report on Thursday, October 19th. Finally, BMO Capital Markets cut their price objective on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $53.00.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The stock was acquired at an average cost of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now directly owns 77,852 shares in the company, valued at $3,652,815.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.98% of the stock is owned by company insiders.
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. As of October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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