PacWest Bancorp Director Unloads $747,000 in Stock (PACW)
PacWest Bancorp (NASDAQ:PACW) Director Stephen M. Dunn sold 18,000 shares of PacWest Bancorp stock on the open market in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $41.50, for a total transaction of $747,000.00. Following the completion of the transaction, the director now directly owns 1,861 shares in the company, valued at approximately $77,232. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on PACW. Analysts at Keefe, Bruyette & Woods raised their price target on shares of PacWest Bancorp from $46.00 to $49.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Separately, 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, January 24th. They now have a “market perform” rating on the stock. Finally, 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $44.67.
PacWest Bancorp (NASDAQ:PACW) traded down 1.15% on Friday, hitting $40.39. 165,773 shares of the company’s stock traded hands. 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 $42.30 and a 200-day moving average of $37.66. The company has a market cap of $1.790 billion and a price-to-earnings ratio of 26.29.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Thursday, January 23rd. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.50 by $0.16. During the same quarter in the previous year, the company posted $0.54 earnings per share. On average, analysts predict that PacWest Bancorp will post $1.76 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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