PacWest Bancorp (NASDAQ:PACW) Given Consensus Recommendation of “Hold” by Brokerages

PacWest Bancorp (NASDAQ:PACW – Get Rating) has been given an average recommendation of “Hold” by the eleven brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $29.75.

Several research firms have weighed in on PACW. StockNews.com cut PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. Wells Fargo & Company cut PacWest Bancorp from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $32.00 to $26.00 in a report on Thursday, December 15th. Piper Sandler lowered their price target on PacWest Bancorp from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Friday, September 30th. DA Davidson lowered their price target on PacWest Bancorp to $25.00 in a report on Thursday, October 27th. Finally, Royal Bank of Canada reduced their price objective on PacWest Bancorp from $32.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, October 21st.

Insider Buying and Selling

In other news, CEO Matthew P. Wagner sold 17,725 shares of PacWest Bancorp stock in a transaction that occurred on Friday, December 9th. The stock was sold at an average price of $24.18, for a total value of $428,590.50. Following the sale, the chief executive officer now directly owns 985,361 shares in the company, valued at approximately $23,826,028.98. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Matthew P. Wagner sold 17,725 shares of the business’s stock in a transaction that occurred on Friday, December 9th. The stock was sold at an average price of $24.18, for a total transaction of $428,590.50. Following the transaction, the chief executive officer now directly owns 985,361 shares of the company’s stock, valued at $23,826,028.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew P. Wagner sold 66,659 shares of the business’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $26.24, for a total value of $1,749,132.16. Following the transaction, the chief executive officer now directly owns 1,003,086 shares in the company, valued at $26,320,976.64. The disclosure for this sale can be found here. 1.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PacWest Bancorp

Hedge funds have recently made changes to their positions in the business. Guardian Wealth Advisors LLC bought a new stake in shares of PacWest Bancorp during the third quarter valued at approximately $31,000. Capital Wealth Alliance LLC bought a new stake in shares of PacWest Bancorp during the second quarter valued at approximately $45,000. Wipfli Financial Advisors LLC bought a new stake in shares of PacWest Bancorp during the third quarter valued at approximately $51,000. Creative Capital Management Investments LLC bought a new stake in shares of PacWest Bancorp during the fourth quarter valued at approximately $54,000. Finally, Point72 Hong Kong Ltd bought a new stake in PacWest Bancorp in the third quarter worth $97,000. 91.97% of the stock is owned by hedge funds and other institutional investors.

PacWest Bancorp Stock Performance

Shares of PACW opened at $24.40 on Friday. The stock’s 50-day simple moving average is $24.39 and its 200 day simple moving average is $25.47. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of 5.82 and a beta of 1.41. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.86 and a current ratio of 0.86. PacWest Bancorp has a 52-week low of $21.29 and a 52-week high of $51.81.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last issued its quarterly earnings data on Wednesday, October 19th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.06). PacWest Bancorp had a return on equity of 14.07% and a net margin of 32.92%. The company had revenue of $373.80 million for the quarter, compared to analysts’ expectations of $380.82 million. During the same period last year, the company posted $1.17 EPS. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. Research analysts forecast that PacWest Bancorp will post 4.05 EPS for the current fiscal year.

PacWest Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Investors of record on Tuesday, November 15th were given a dividend of $0.25 per share. The ex-dividend date was Monday, November 14th. This represents a $1.00 annualized dividend and a yield of 4.10%. PacWest Bancorp’s payout ratio is 23.87%.

PacWest Bancorp Company Profile

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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.