PacWest Bancorp (NASDAQ:PACW) Price Target Raised to $8.00

PacWest Bancorp (NASDAQ:PACW – Get Rating) had its target price lifted by DA Davidson from $3.00 to $8.00 in a research report report published on Tuesday, The Fly reports.

Other equities analysts have also issued research reports about the stock. TheStreet lowered shares of PacWest Bancorp from a c rating to a d+ rating in a research report on Tuesday, April 25th. StockNews.com initiated coverage on shares of PacWest Bancorp in a research report on Thursday, March 16th. They set a sell rating for the company. Truist Financial reduced their price objective on shares of PacWest Bancorp from $29.00 to $13.00 and set a hold rating for the company in a research report on Thursday, March 23rd. Keefe, Bruyette & Woods reduced their price objective on shares of PacWest Bancorp from $30.00 to $14.00 and set a market perform rating for the company in a research report on Thursday, April 6th. Finally, Wedbush reissued a neutral rating and issued a $27.00 price target on shares of PacWest Bancorp in a research report on Monday, March 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and an average target price of $21.88.

PacWest Bancorp Stock Performance

Shares of PACW opened at $7.38 on Tuesday. The firm has a 50-day moving average price of $8.77 and a 200 day moving average price of $19.33. The firm has a market capitalization of $871.14 million, a PE ratio of -0.94 and a beta of 1.36. The company has a quick ratio of 1.12, a current ratio of 1.21 and a debt-to-equity ratio of 5.61. PacWest Bancorp has a 52-week low of $2.48 and a 52-week high of $32.68.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. PacWest Bancorp had a negative net margin of 48.43% and a positive return on equity of 14.46%. The company had revenue of $315.69 million during the quarter, compared to analyst estimates of $311.72 million. During the same quarter last year, the firm posted $1.01 EPS. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that PacWest Bancorp will post 1.53 earnings per share for the current fiscal year.

PacWest Bancorp Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Monday, May 15th will be given a dividend of $0.01 per share. The ex-dividend date is Friday, May 12th. This represents a $0.04 annualized dividend and a yield of 0.54%. PacWest Bancorp’s dividend payout ratio (DPR) is -0.51%.

Insider Buying and Selling

In related news, EVP William J. Black purchased 13,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, March 9th. The shares were acquired at an average price of $20.57 per share, for a total transaction of $267,410.00. Following the transaction, the executive vice president now directly owns 13,000 shares in the company, valued at $267,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other PacWest Bancorp news, Director C William Hosler bought 2,000 shares of the business’s stock in a transaction on Thursday, March 9th. The shares were bought at an average cost of $20.66 per share, for a total transaction of $41,320.00. Following the transaction, the director now owns 56,720 shares in the company, valued at approximately $1,171,835.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP William J. Black bought 13,000 shares of the business’s stock in a transaction on Thursday, March 9th. The shares were acquired at an average price of $20.57 per share, for a total transaction of $267,410.00. Following the completion of the transaction, the executive vice president now owns 13,000 shares in the company, valued at approximately $267,410. The disclosure for this purchase can be found here. Insiders have purchased a total of 51,833 shares of company stock worth $1,089,746 in the last 90 days. Corporate insiders own 1.31% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Guardian Wealth Advisors LLC bought a new stake in PacWest Bancorp during the 3rd quarter worth approximately $31,000. Eagle Bay Advisors LLC lifted its holdings in shares of PacWest Bancorp by 36.3% during the fourth quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock worth $38,000 after buying an additional 444 shares in the last quarter. Creative Capital Management Investments LLC acquired a new stake in shares of PacWest Bancorp during the fourth quarter worth $54,000. Exchange Traded Concepts LLC bought a new position in shares of PacWest Bancorp in the first quarter worth $37,000. Finally, Dark Forest Capital Management LP increased its position in shares of PacWest Bancorp by 4,619.3% in the first quarter. Dark Forest Capital Management LP now owns 4,153 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 4,065 shares during the period. 91.97% of the stock is currently owned by institutional investors and hedge funds.

About PacWest Bancorp

(Get Rating)

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.