Matthew P. Wagner Purchases 13,885 Shares of PacWest Bancorp (NASDAQ:PACW) Stock

PacWest Bancorp (NASDAQ:PACW – Get Rating) Chairman Matthew P. Wagner bought 13,885 shares of the firm’s stock in a transaction dated Friday, March 10th. The shares were acquired at an average price of $21.12 per share, with a total value of $293,251.20. Following the completion of the transaction, the chairman now owns 33,885 shares of the company’s stock, valued at approximately $715,651.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

PacWest Bancorp Trading Down 21.1 %

Shares of NASDAQ PACW opened at $9.75 on Tuesday. PacWest Bancorp has a 1-year low of $5.00 and a 1-year high of $46.84. The business has a fifty day moving average price of $25.72 and a 200 day moving average price of $24.96. The stock has a market capitalization of $1.15 billion, a P/E ratio of 2.88 and a beta of 1.46. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.89 and a quick ratio of 0.88.

PacWest Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Shareholders of record on Wednesday, February 15th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 10.26%. The ex-dividend date was Tuesday, February 14th. PacWest Bancorp’s payout ratio is 29.59%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PACW. Ethic Inc. lifted its position in PacWest Bancorp by 6.1% during the first quarter. Ethic Inc. now owns 5,830 shares of the financial services provider’s stock valued at $251,000 after acquiring an additional 335 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of PacWest Bancorp by 2.3% in the 1st quarter. Federated Hermes Inc. now owns 16,503 shares of the financial services provider’s stock worth $712,000 after purchasing an additional 368 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in PacWest Bancorp by 1.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 34,637 shares of the financial services provider’s stock worth $795,000 after buying an additional 406 shares during the last quarter. Eagle Bay Advisors LLC increased its position in PacWest Bancorp by 36.3% during the 4th quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock valued at $38,000 after buying an additional 444 shares in the last quarter. Finally, CWM LLC raised its stake in PacWest Bancorp by 5.0% in the fourth quarter. CWM LLC now owns 9,928 shares of the financial services provider’s stock valued at $228,000 after buying an additional 470 shares during the last quarter. Hedge funds and other institutional investors own 91.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PACW. Wells Fargo & Company lifted their price objective on shares of PacWest Bancorp from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, January 30th. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and decreased their price target for the company from $31.00 to $29.00 in a research note on Monday. StockNews.com cut PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 10th. Stephens reaffirmed an “overweight” rating and set a $32.00 target price on shares of PacWest Bancorp in a research report on Monday. Finally, Wedbush reissued a “neutral” rating and set a $27.00 price target on shares of PacWest Bancorp in a research report on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, PacWest Bancorp presently has an average rating of “Hold” and a consensus target price of $33.00.

About PacWest Bancorp

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PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. It offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses through the Pacific Western Bank.