Stephens Reiterates “Overweight” Rating for PacWest Bancorp (NASDAQ:PACW)

Stephens reissued their overweight rating on shares of PacWest Bancorp (NASDAQ:PACW – Get Rating) in a research report released on Monday morning, Benzinga reports. The brokerage currently has a $32.00 target price on the financial services provider’s stock.

Other analysts also recently issued research reports about the stock. DA Davidson raised shares of PacWest Bancorp from a neutral rating to a buy rating and cut their price objective for the company from $31.00 to $29.00 in a report on Monday. StockNews.com downgraded PacWest Bancorp from a hold rating to a sell rating in a research report on Tuesday, January 10th. Wells Fargo & Company raised their price objective on PacWest Bancorp from $26.00 to $28.00 and gave the stock an equal weight rating in a research note on Monday, January 30th. Finally, Truist Financial upped their target price on PacWest Bancorp from $26.00 to $29.00 and gave the company a hold rating in a research report on Wednesday, February 1st. One 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. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $33.00.

PacWest Bancorp Trading Down 21.1 %

Shares of PacWest Bancorp stock opened at $9.75 on Monday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a 50-day moving average of $25.72 and a 200-day moving average of $24.96. PacWest Bancorp has a 52-week low of $5.00 and a 52-week high of $46.84. The stock has a market cap of $1.15 billion, a PE ratio of 2.88 and a beta of 1.46.

PacWest Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Wednesday, February 15th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, February 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.26%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 29.59%.

Insider Buying and Selling

In other PacWest Bancorp news, Director C William Hosler bought 2,000 shares of the firm’s stock in a transaction on Thursday, March 9th. The shares were purchased at an average price of $20.66 per share, for a total transaction of $41,320.00. Following the completion of the transaction, the director now directly owns 56,720 shares in the company, valued at approximately $1,171,835.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP William J. Black acquired 13,000 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The stock was acquired at an average price of $20.57 per share, with a total value of $267,410.00. Following the purchase, the executive vice president now directly owns 13,000 shares in the company, valued at $267,410. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director C William Hosler bought 2,000 shares of the business’s stock in a transaction on Thursday, March 9th. The stock was bought at an average price of $20.66 per share, for a total transaction of $41,320.00. Following the transaction, the director now directly owns 56,720 shares of the company’s stock, valued at $1,171,835.20. The disclosure for this purchase can be found here. Insiders acquired a total of 52,435 shares of company stock worth $1,141,039 in the last ninety days. 1.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Teacher Retirement System of Texas grew its position in PacWest Bancorp by 69.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 32,392 shares of the financial services provider’s stock worth $732,000 after acquiring an additional 13,311 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in PacWest Bancorp by 12.5% in the 3rd quarter. Great West Life Assurance Co. Can now owns 84,197 shares of the financial services provider’s stock valued at $1,903,000 after buying an additional 9,360 shares during the last quarter. Brandywine Global Investment Management LLC raised its holdings in PacWest Bancorp by 5.1% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 203,714 shares of the financial services provider’s stock valued at $5,431,000 after buying an additional 9,809 shares during the last quarter. Cibc World Market Inc. boosted its position in PacWest Bancorp by 20.0% during the 2nd quarter. Cibc World Market Inc. now owns 26,532 shares of the financial services provider’s stock worth $707,000 after buying an additional 4,422 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in PacWest Bancorp by 527.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 160,588 shares of the financial services provider’s stock worth $3,629,000 after acquiring an additional 134,997 shares during the last quarter. 91.97% of the stock is currently owned by institutional investors and hedge funds.

PacWest Bancorp Company Profile

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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.