Insider Buying: PacWest Bancorp (NASDAQ:PACW) CEO Purchases 20,000 Shares of Stock

PacWest Bancorp (NASDAQ:PACWGet Rating) CEO Matthew P. Wagner bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $500,000.00. Following the transaction, the chief executive officer now owns 20,000 shares of the company’s stock, valued at $500,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Shares of PACW traded down $0.40 during mid-day trading on Wednesday, hitting $31.94. The stock had a trading volume of 886,679 shares, compared to its average volume of 1,157,375. The firm has a market cap of $3.75 billion, a P/E ratio of 6.68 and a beta of 1.42. The business has a fifty day moving average price of $34.43 and a 200-day moving average price of $42.37. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.78 and a quick ratio of 0.78. PacWest Bancorp has a 52 week low of $28.77 and a 52 week high of $51.81.

PacWest Bancorp (NASDAQ:PACWGet Rating) last issued its earnings results on Tuesday, April 19th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.04). The firm had revenue of $329.54 million during the quarter, compared to the consensus estimate of $342.21 million. PacWest Bancorp had a net margin of 41.84% and a return on equity of 14.96%. During the same quarter in the previous year, the firm earned $1.27 earnings per share. As a group, research analysts expect that PacWest Bancorp will post 4.41 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 31st. Shareholders of record on Monday, May 16th were paid a $0.25 dividend. The ex-dividend date was Friday, May 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.13%. PacWest Bancorp’s payout ratio is presently 20.66%.

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in PacWest Bancorp by 2.5% during the first quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider’s stock worth $591,854,000 after buying an additional 336,055 shares in the last quarter. BlackRock Inc. grew its position in PacWest Bancorp by 0.8% during the first quarter. BlackRock Inc. now owns 9,989,212 shares of the financial services provider’s stock worth $430,835,000 after buying an additional 80,182 shares in the last quarter. State Street Corp grew its position in PacWest Bancorp by 2.2% during the first quarter. State Street Corp now owns 5,630,663 shares of the financial services provider’s stock worth $242,850,000 after buying an additional 122,587 shares in the last quarter. Invesco Ltd. grew its position in PacWest Bancorp by 354.9% during the first quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock worth $132,965,000 after buying an additional 2,405,127 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in PacWest Bancorp by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,055,873 shares of the financial services provider’s stock worth $131,809,000 after buying an additional 78,424 shares in the last quarter. Institutional investors own 88.68% of the company’s stock.

Several research analysts recently issued reports on PACW shares. StockNews.com started coverage on PacWest Bancorp in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Raymond James dropped their price target on PacWest Bancorp from $62.00 to $51.00 and set a “strong-buy” rating on the stock in a report on Thursday, April 21st. Zacks Investment Research lowered PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, April 12th. Wells Fargo & Company dropped their price target on PacWest Bancorp from $60.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 21st. Finally, Wedbush dropped their price target on PacWest Bancorp from $52.00 to $45.00 in a report on Wednesday, April 20th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $53.00.

About PacWest Bancorp (Get Rating)

PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various 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, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.

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