PacWest Bancorp (NASDAQ:PACW) Shares Down 11.4%

PacWest Bancorp (NASDAQ:PACW – Get Rating)’s stock price dropped 11.4% during trading on Friday . The company traded as low as $9.71 and last traded at $10.15. Approximately 6,708,282 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 7,795,295 shares. The stock had previously closed at $11.45.

Wall Street Analysts Forecast Growth

PACW has been the topic of a number of research analyst reports. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $31.00 to $29.00 in a report on Monday, March 13th. Truist Financial increased their price target on shares of PacWest Bancorp from $26.00 to $29.00 and gave the stock a “hold” rating in a report on Wednesday, February 1st. StockNews.com began coverage on shares of PacWest Bancorp in a research note on Thursday. They issued a “sell” rating for the company. Stephens reaffirmed an “overweight” rating and issued a $32.00 price objective on shares of PacWest Bancorp in a research note on Monday, March 13th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $27.00 price objective on shares of PacWest Bancorp in a research note on Monday, March 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $33.00.

PacWest Bancorp Stock Down 19.0 %

The firm has a market cap of $1.09 billion, a PE ratio of 2.75 and a beta of 1.46. 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 company’s 50-day simple moving average is $24.77 and its two-hundred day simple moving average is $24.53.

PacWest Bancorp Announces Dividend

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. The ex-dividend date of this dividend was Tuesday, February 14th. This represents a $1.00 annualized dividend and a yield of 10.78%. PacWest Bancorp’s payout ratio is currently 29.59%.

Insider Buying and Selling at PacWest Bancorp

In related news, Director C William Hosler bought 2,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was purchased at an average cost of $20.66 per share, with a total value 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 purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Paul W. Taylor bought 19,800 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was purchased at an average cost of $22.21 per share, with a total value of $439,758.00. Following the transaction, the chief executive officer now owns 116,041 shares in the company, valued at approximately $2,577,270.61. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director C William Hosler bought 2,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was bought at an average cost of $20.66 per share, with a total value of $41,320.00. Following the completion of the transaction, the director now owns 56,720 shares in the company, valued at approximately $1,171,835.20. The disclosure for this purchase can be found here. Insiders bought 55,583 shares of company stock valued at $1,189,046 in the last quarter. Company insiders own 1.25% of the company’s stock.

Institutional Investors Weigh In On PacWest Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of PacWest Bancorp by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider’s stock worth $591,854,000 after acquiring an additional 336,055 shares in the last quarter. BlackRock Inc. increased its stake in shares of PacWest Bancorp by 8.9% in the 3rd quarter. BlackRock Inc. now owns 11,040,912 shares of the financial services provider’s stock worth $249,525,000 after acquiring an additional 904,694 shares in the last quarter. FMR LLC increased its stake in shares of PacWest Bancorp by 27.9% in the 2nd quarter. FMR LLC now owns 9,493,375 shares of the financial services provider’s stock worth $253,093,000 after acquiring an additional 2,070,479 shares in the last quarter. State Street Corp increased its stake in shares of PacWest Bancorp by 6.8% in the 3rd quarter. State Street Corp now owns 6,052,819 shares of the financial services provider’s stock worth $136,794,000 after acquiring an additional 386,532 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of PacWest Bancorp by 13.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,655,185 shares of the financial services provider’s stock worth $83,887,000 after acquiring an additional 443,253 shares in 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.