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PacWest Bancorp (NASDAQ:PACW – Get Rating) – Equities researchers at Wedbush dropped their Q1 2023 earnings estimates for shares of PacWest Bancorp in a note issued to investors on Friday, January 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $0.87 for the quarter, down from their previous estimate of $1.02. The consensus estimate for PacWest Bancorp’s current full-year earnings is $3.87 per share. Wedbush also issued estimates for PacWest Bancorp’s Q2 2023 earnings at $1.08 EPS, Q3 2023 earnings at $1.11 EPS, Q4 2023 earnings at $1.09 EPS, FY2023 earnings at $4.15 EPS and FY2024 earnings at $4.25 EPS.
A number of other equities analysts have also recently issued reports on the stock. StockNews.com cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th. Royal Bank of Canada lowered their target price on shares of PacWest Bancorp from $32.00 to $31.00 and set an “outperform” rating for the company in a report on Friday, October 21st. Truist Financial downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating and set a $26.00 price objective for the company. in a research note on Friday, December 9th. Stephens decreased their price objective on shares of PacWest Bancorp from $31.00 to $29.00 and set an “overweight” rating for the company in a research note on Thursday, October 27th. Finally, DA Davidson decreased their price objective on shares of PacWest Bancorp to $25.00 in a research note on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PacWest Bancorp has an average rating of “Hold” and a consensus price target of $32.11.
PacWest Bancorp Stock Up 3.4 %
Shares of NASDAQ PACW opened at $26.99 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.81. PacWest Bancorp has a 52 week low of $21.29 and a 52 week high of $51.81. The firm has a 50-day moving average price of $24.17 and a 200 day moving average price of $25.30. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 7.99 and a beta of 1.41.
PacWest Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Monday, November 14th. PacWest Bancorp’s dividend payout ratio (DPR) is 29.59%.
Insider Transactions at PacWest Bancorp
In related news, CEO Matthew P. Wagner sold 17,725 shares of the firm’s stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $24.18, for a total transaction of $428,590.50. Following the transaction, the chief executive officer now owns 985,361 shares of the company’s stock, valued at $23,826,028.98. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Matthew P. Wagner sold 66,659 shares of the firm’s stock in a transaction on Friday, November 25th. The shares were sold at an average price of $26.24, for a total value of $1,749,132.16. Following the sale, the chief executive officer now owns 1,003,086 shares in the company, valued at $26,320,976.64. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthew P. Wagner sold 17,725 shares of the firm’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $24.18, for a total transaction of $428,590.50. Following the completion of the sale, the chief executive officer now owns 985,361 shares in the company, valued at approximately $23,826,028.98. The disclosure for this sale can be found here. 1.25% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ethic Inc. raised its holdings in shares of PacWest Bancorp by 6.1% in the first quarter. Ethic Inc. now owns 5,830 shares of the financial services provider’s stock valued at $251,000 after buying an additional 335 shares during the last quarter. Federated Hermes Inc. grew its position in shares of PacWest Bancorp by 2.3% during the 1st quarter. Federated Hermes Inc. now owns 16,503 shares of the financial services provider’s stock worth $712,000 after buying an additional 368 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of PacWest Bancorp by 1.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 34,637 shares of the financial services provider’s stock worth $795,000 after buying an additional 406 shares during the period. Eagle Bay Advisors LLC grew its position in shares of PacWest Bancorp by 36.3% during the 4th quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock worth $38,000 after buying an additional 444 shares during the period. Finally, River Oaks Capital LLC grew its position in shares of PacWest Bancorp by 0.8% during the 3rd quarter. River Oaks Capital LLC now owns 60,000 shares of the financial services provider’s stock worth $1,356,000 after buying an additional 500 shares during the period. 91.97% of the stock is owned by institutional investors.
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.
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