StockNews.com Begins Coverage on PacWest Bancorp (NASDAQ:PACW)

StockNews.com initiated coverage on shares of PacWest Bancorp (NASDAQ:PACW – Get Rating) in a research note issued to investors on Thursday. The brokerage issued a sell rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the stock. DA Davidson raised shares of PacWest Bancorp from a neutral rating to a buy rating and cut their price objective for the stock from $31.00 to $29.00 in a research report on Monday, March 13th. Wedbush reaffirmed a neutral rating and set a $27.00 price objective on shares of PacWest Bancorp in a research report on Monday, March 13th. Wells Fargo & Company upped their price objective on shares of PacWest Bancorp from $26.00 to $28.00 and gave the stock an equal weight rating in a research report on Monday, January 30th. Truist Financial boosted their target price on PacWest Bancorp from $26.00 to $29.00 and gave the stock a hold rating in a research note on Wednesday, February 1st. Finally, Stephens reissued an overweight rating and set a $32.00 target price on shares of PacWest Bancorp in a research note on Monday, March 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $33.00.

PacWest Bancorp Trading Down 19.0 %

Shares of PacWest Bancorp stock opened at $9.28 on Thursday. The firm has a 50-day moving average of $24.77 and a 200-day moving average of $24.53. The stock has a market cap of $1.09 billion, a PE ratio of 2.75 and a beta of 1.46. PacWest Bancorp has a 52-week low of $5.00 and a 52-week high of $46.76. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.88 and a current ratio of 0.89.

PacWest Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 28th. Shareholders of record on Wednesday, February 15th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 10.78%. The ex-dividend date of this dividend was Tuesday, February 14th. PacWest Bancorp’s payout ratio is 29.59%.

Insider Activity

In other PacWest Bancorp news, Chairman Matthew P. Wagner purchased 13,885 shares of the business’s stock in a transaction dated Friday, March 10th. The shares were bought at an average price of $21.12 per share, for a total transaction of $293,251.20. Following the completion of the acquisition, the chairman now owns 33,885 shares in the company, valued at $715,651.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other PacWest Bancorp news, Director C William Hosler acquired 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, March 9th. The shares were bought at an average price of $20.66 per share, with a total value of $41,320.00. Following the completion of the purchase, the director now directly owns 56,720 shares in the company, valued at approximately $1,171,835.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Matthew P. Wagner acquired 13,885 shares of PacWest Bancorp stock in a transaction that occurred on Friday, March 10th. The stock was acquired at an average cost of $21.12 per share, for a total transaction of $293,251.20. Following the purchase, the chairman now owns 33,885 shares of the company’s stock, valued at $715,651.20. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 55,583 shares of company stock valued at $1,189,046. Insiders own 1.25% of the company’s stock.

Institutional Trading of PacWest Bancorp

Institutional investors have recently modified their holdings of the business. Guardian Wealth Advisors LLC bought a new stake in shares of PacWest Bancorp in the third quarter worth $31,000. Eagle Bay Advisors LLC lifted its holdings in PacWest Bancorp by 36.3% in the fourth quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock valued at $38,000 after buying an additional 444 shares during the period. Capital Wealth Alliance LLC acquired a new position in PacWest Bancorp in the second quarter valued at $45,000. Wipfli Financial Advisors LLC acquired a new position in PacWest Bancorp in the third quarter valued at $51,000. Finally, Creative Capital Management Investments LLC acquired a new position in PacWest Bancorp in the fourth quarter valued at $54,000. Institutional investors own 91.97% of the company’s stock.

About PacWest Bancorp

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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.