Insider Selling: Michael J. Perdue Sells 16,565 Shares of PacWest Bancorp Stock (PACW)
PacWest Bancorp (NASDAQ:PACW) President Michael J. Perdue sold 16,565 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $41.89, for a total transaction of $693,907.85. Following the sale, the president now directly owns 40,000 shares of the company’s stock, valued at approximately $1,675,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on PACW. Analysts at FBR Capital Markets raised their price target on shares of PacWest Bancorp from $40.00 to $47.00 in a research note to investors on Friday. They now have a “market perform” rating on the stock. Separately, analysts at Evercore Partners upgraded shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a research note to investors on Tuesday, January 7th. They now have a $46.00 price target on the stock, up previously from $39.00. Finally, analysts at Wunderlich raised their price target on shares of PacWest Bancorp from $42.00 to $47.00 in a research note to investors on Wednesday, December 4th. They now have a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $44.17.
PacWest Bancorp (NASDAQ:PACW) traded up 0.55% during mid-day trading on Tuesday, hitting $41.79. The stock had a trading volume of 566,178 shares. PacWest Bancorp has a 1-year low of $25.81 and a 1-year high of $43.97. The stock has a 50-day moving average of $42.36 and a 200-day moving average of $37.62. The company has a market cap of $1.915 billion and a price-to-earnings ratio of 38.48.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.34 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.50 by $0.16. During the same quarter last year, the company posted $0.54 earnings per share. On average, analysts predict that PacWest Bancorp will post $2.46 earnings per share for the current fiscal year.
PacWest Bancorp is a bank holding company. The Company’s principal business is to serve as the holding company for its wholly-owned banking subsidiary, Pacific Western Bank (NASDAQ:PACW).
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