PacWest Bancorp (NASDAQ:PACW) Shares Gap Up to $7.35

PacWest Bancorp (NASDAQ:PACW) gapped up prior to trading on Tuesday . The stock had previously closed at $7.35, but opened at $7.89. PacWest Bancorp shares last traded at $7.83, with a volume of 695,313 shares traded.

Analyst Ratings Changes

PACW has been the subject of several research analyst reports. Wells Fargo & Company reduced their price objective on PacWest Bancorp from $13.50 to $9.00 and set an “equal weight” rating for the company in a report on Wednesday, October 4th. Wedbush cut their price target on PacWest Bancorp from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, October 25th. Truist Financial cut their price target on PacWest Bancorp from $10.00 to $8.00 and set a “hold” rating for the company in a research note on Wednesday, September 27th. Keefe, Bruyette & Woods downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research note on Sunday, July 30th. Finally, DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating in a research note on Monday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $12.39.

PacWest Bancorp Trading Up 1.7 %

The company has a debt-to-equity ratio of 3.77, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $978.37 million, a PE ratio of -0.69 and a beta of 1.43. The stock has a 50-day moving average price of $7.65 and a two-hundred day moving average price of $7.75.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.36). PacWest Bancorp had a negative net margin of 65.68% and a positive return on equity of 8.68%. The company had revenue of $174.54 million for the quarter, compared to analysts’ expectations of $213.95 million. As a group, equities analysts forecast that PacWest Bancorp will post 0.42 earnings per share for the current year.

PacWest Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 27th. Stockholders of record on Monday, November 13th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.48%. PacWest Bancorp’s payout ratio is currently -0.34%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PACW. Savior LLC purchased a new position in PacWest Bancorp in the 2nd quarter worth approximately $29,000. Lee Financial Co lifted its holdings in PacWest Bancorp by 79.4% in the 2nd quarter. Lee Financial Co now owns 4,518 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 2,000 shares in the last quarter. Dark Forest Capital Management LP lifted its holdings in PacWest Bancorp by 4,619.3% in the 1st 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 in the last quarter. Versant Capital Management Inc lifted its holdings in PacWest Bancorp by 146,650.0% in the 3rd quarter. Versant Capital Management Inc now owns 5,870 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 5,866 shares in the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in PacWest Bancorp in the 1st quarter worth approximately $49,000. 71.96% of the stock is owned by hedge funds and other institutional investors.

PacWest Bancorp Company Profile

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 mortgage loans, and real estate construction and land loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; lender, equipment, and premium finance; other asset-based loans; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.