PacWest Bancorp (PACW) Declares Quarterly Dividend of $0.25
PacWest Bancorp (NASDAQ:PACW) declared a quarterly dividend on Wednesday, May 14th, AnalystRatings.NET reports. Shareholders of record on Tuesday, May 27th will be given a dividend of 0.25 per share on Thursday, June 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.46%.
Several analysts have recently commented on the stock. Analysts at FBR Capital Markets upgraded shares of PacWest Bancorp from a “market perform” rating to an “outperform” rating in a research note on Monday. They now have a $47.00 price target on the stock. Analysts at Ned Davis Research upgraded shares of PacWest Bancorp from a “sell” rating to a “neutral” rating in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $44.67.
PacWest Bancorp (NASDAQ:PACW) traded down 1.06% on Wednesday, hitting $40.17. The stock had a trading volume of 1,740,552 shares. PacWest Bancorp has a 52 week low of $27.46 and a 52 week high of $47.37. The stock has a 50-day moving average of $41.46 and a 200-day moving average of $41.42. The company has a market cap of $1.795 billion and a P/E ratio of 31.52. PacWest Bancorp also saw a large decrease in short interest in the month of April. As of April 30th, there was short interest totalling 3,223,361 shares, a decrease of 28.9% from the April 15th total of 4,536,394 shares. Currently, 8.5% of the company’s shares are sold short. Based on an average daily volume of 948,676 shares, the days-to-cover ratio is presently 3.4 days.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.55 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.07. During the same quarter last year, the company posted $0.37 earnings per share. On average, analysts predict that PacWest Bancorp will post $2.51 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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