Matthew P. Wagner Buys 20,925 Shares of PacWest Bancorp (PACW) Stock

PacWest Bancorp (NASDAQ:PACW) CEO Matthew P. Wagner bought 20,925 shares of the firm’s stock in a transaction dated Monday, October 29th. The stock was purchased at an average price of $39.01 per share, with a total value of $816,284.25. Following the transaction, the chief executive officer now owns 530,552 shares in the company, valued at approximately $20,696,833.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of NASDAQ PACW opened at $40.62 on Thursday. The company has a market capitalization of $4.72 billion, a P/E ratio of 13.91, a P/E/G ratio of 1.05 and a beta of 1.41. PacWest Bancorp has a 12-month low of $37.65 and a 12-month high of $55.86. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.95 and a current ratio of 0.97.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.02. The business had revenue of $297.23 million for the quarter, compared to the consensus estimate of $301.52 million. PacWest Bancorp had a return on equity of 8.95% and a net margin of 33.60%. During the same quarter last year, the business posted $0.84 EPS. On average, research analysts forecast that PacWest Bancorp will post 3.71 earnings per share for the current year.

Several research analysts have recently commented on PACW shares. Sandler O’Neill reiterated a “buy” rating and issued a $58.00 target price on shares of PacWest Bancorp in a research report on Friday, July 20th. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Thursday, July 19th. Stephens reissued a “buy” rating and issued a $58.00 price target on shares of PacWest Bancorp in a report on Wednesday, September 12th. Wells Fargo & Co set a $51.00 price target on PacWest Bancorp and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Finally, ValuEngine raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $54.90.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Qube Research & Technologies Ltd bought a new stake in PacWest Bancorp during the 2nd quarter valued at $158,000. Creative Planning bought a new stake in PacWest Bancorp during the 3rd quarter valued at $200,000. ARP Americas LP bought a new stake in PacWest Bancorp during the 2nd quarter valued at $217,000. NumerixS Investment Technologies Inc bought a new stake in PacWest Bancorp during the 2nd quarter valued at $235,000. Finally, Summit X LLC bought a new stake in PacWest Bancorp during the 2nd quarter valued at $238,000. 87.35% of the stock is currently owned by institutional investors and hedge funds.

About PacWest Bancorp

PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.

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