PacWest Bancorp (PACW) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS
PacWest Bancorp (NASDAQ:PACW) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.05. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%.
PacWest Bancorp (NASDAQ:PACW) opened at 41.47 on Tuesday. The stock’s 50 day moving average is $42.74 and its 200 day moving average is $40.63. The stock has a market cap of $4.99 billion, a PE ratio of 15.43 and a beta of 1.64. PacWest Bancorp has a 52 week low of $29.05 and a 52 week high of $48.00.
In related news, Director John M. Eggemeyer III sold 537,260 shares of the stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $42.34, for a total transaction of $22,747,588.40. Following the completion of the sale, the director now owns 257,940 shares of the company’s stock, valued at $10,921,179.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel B. Platt sold 2,550 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $42.18, for a total transaction of $107,559.00. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Advisor Group Inc. purchased a new stake in PacWest Bancorp during the second quarter worth approximately $153,000. Bessemer Group Inc. boosted its stake in PacWest Bancorp by 100.0% in the second quarter. Bessemer Group Inc. now owns 4,440 shares of the financial services provider’s stock worth $176,000 after buying an additional 2,220 shares during the last quarter. American National Registered Investment Advisor Inc. purchased a new stake in PacWest Bancorp during the second quarter worth approximately $336,000. Pacer Advisors Inc. purchased a new stake in PacWest Bancorp during the second quarter worth approximately $364,000. Finally, American National Insurance Co. TX purchased a new stake in PacWest Bancorp during the second quarter worth approximately $399,000. 92.29% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on PACW shares. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, September 9th. JMP Securities assumed coverage on shares of PacWest Bancorp in a research report on Friday, September 16th. They issued an “outperform” rating and a $48.00 target price for the company. Wells Fargo & Co. downgraded shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 4th. They noted that the move was a valuation call. DA Davidson downgraded shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 target price for the company. in a research report on Monday, July 18th. They noted that the move was a valuation call. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of PacWest Bancorp in a research report on Thursday, July 7th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $45.43.
PacWest Bancorp Company Profile
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
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