PacWest Bancorp (NASDAQ:PACW) Shares Gap Down to $13.05

Shares of PacWest Bancorp (NASDAQ:PACW – Get Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $13.05, but opened at $11.06. PacWest Bancorp shares last traded at $10.61, with a volume of 17,539,206 shares traded.

Analysts Set New Price Targets

Several research firms have issued reports on PACW. Wells Fargo & Company raised their target price 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. DA Davidson raised PacWest Bancorp from a “neutral” rating to a “buy” rating and cut their target price for the stock from $31.00 to $29.00 in a research note on Monday. Wedbush reaffirmed a “neutral” rating and issued a $27.00 price objective on shares of PacWest Bancorp in a research note on Monday. Truist Financial lifted their price objective on PacWest Bancorp from $26.00 to $29.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Finally, Stephens reaffirmed an “overweight” rating and issued a $32.00 price objective on shares of PacWest Bancorp in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $33.00.

PacWest Bancorp Stock Performance

The stock has a market capitalization of $1.35 billion, a PE ratio of 3.39 and a beta of 1.46. The stock has a fifty day moving average of $25.06 and a 200-day moving average of $24.67. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.76.

PacWest Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were issued a $0.25 dividend. The ex-dividend date was Tuesday, February 14th. This represents a $1.00 dividend on an annualized basis and a yield of 8.73%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 29.59%.

Insider Activity at PacWest Bancorp

In related news, Director C William Hosler bought 3,750 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The stock was purchased at an average cost of $26.48 per share, for a total transaction of $99,300.00. Following the completion of the acquisition, the director now owns 3,750 shares in the company, valued at approximately $99,300. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director C William Hosler bought 3,750 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The stock was purchased at an average cost of $26.48 per share, for a total transaction of $99,300.00. Following the completion of the acquisition, the director now owns 3,750 shares in the company, valued at approximately $99,300. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Matthew P. Wagner purchased 13,885 shares of the firm’s stock in a transaction on Friday, March 10th. The shares were acquired at an average cost of $21.12 per share, with a total value of $293,251.20. Following the completion of the acquisition, the chairman now directly owns 33,885 shares in the company, valued at $715,651.20. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 55,583 shares of company stock worth $1,189,046. Company insiders own 1.25% of the company’s stock.

Institutional Trading of PacWest Bancorp

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

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.