Shares of PacWest Bancorp (NASDAQ:PACW) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement. Approximately 754,014 shares were traded during mid-day trading, an increase of 15% from the previous session’s volume of 657,723 shares.The stock last traded at $41.35 and had previously closed at $41.47.

The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.57% and a net margin of 29.59%. During the same period in the prior year, the company earned $0.63 earnings per share.

Several brokerages have recently weighed in on PACW. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, September 9th. JMP Securities began coverage on PacWest Bancorp in a research report on Friday, September 16th. They issued an “outperform” rating and a $48.00 price target for the company. Wells Fargo & Co. cut 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 cut PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price target for the company. in a research report on Monday, July 18th. They noted that the move was a valuation call. Finally, BMO Capital Markets reiterated a “hold” rating on shares of PacWest Bancorp in a research report on Thursday, July 7th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $45.43.

In related news, EVP Kori Ogrosky sold 2,000 shares of the business’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $41.07, for a total transaction of $82,140.00. Following the completion of the transaction, the executive vice president now directly owns 42,283 shares in the company, valued at $1,736,562.81. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John M. Eggemeyer III sold 537,260 shares of the business’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $42.34, for a total value of $22,747,588.40. Following the transaction, the director now owns 257,940 shares of the company’s stock, valued at $10,921,179.60. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. AXA raised its stake in shares of PacWest Bancorp by 115.9% in the first quarter. AXA now owns 14,900 shares of the financial services provider’s stock valued at $554,000 after buying an additional 8,000 shares during the period. Lazard Asset Management LLC raised its stake in shares of PacWest Bancorp by 8.3% in the first quarter. Lazard Asset Management LLC now owns 1,227,091 shares of the financial services provider’s stock valued at $45,586,000 after buying an additional 93,762 shares during the period. Rafferty Asset Management LLC raised its stake in shares of PacWest Bancorp by 15.4% in the first quarter. Rafferty Asset Management LLC now owns 109,147 shares of the financial services provider’s stock valued at $4,055,000 after buying an additional 14,592 shares during the period. State Street Corp raised its stake in shares of PacWest Bancorp by 15.0% in the first quarter. State Street Corp now owns 5,247,497 shares of the financial services provider’s stock valued at $194,939,000 after buying an additional 682,679 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of PacWest Bancorp during the first quarter valued at about $2,411,000. Institutional investors and hedge funds own 92.29% of the company’s stock.

The stock has a 50 day moving average of $42.74 and a 200 day moving average of $40.63. The stock has a market capitalization of $4.99 billion, a PE ratio of 15.40 and a beta of 1.64.

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.

5 Day Chart for NASDAQ:PACW

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