Insider Selling: Mark A. Christian Sells 23,304 Shares of PacWest Bancorp Stock (PACW)
PacWest Bancorp (NASDAQ:PACW) EVP Mark A. Christian unloaded 23,304 shares of PacWest Bancorp stock on the open market in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $40.89, for a total transaction of $952,900.56. Following the sale, the executive vice president now directly owns 28,125 shares in the company, valued at approximately $1,150,031. 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 RBC Capital raised their price target on shares of PacWest Bancorp from $44.00 to $45.00 in a research note on Wednesday, July 23rd. They now have a “sector perform” rating on the stock. Separately, analysts at Davidson upgraded shares of PacWest Bancorp to a “buy” rating in a research note on Monday, June 2nd. Finally, analysts at DA Davidson upgraded shares of PacWest Bancorp from a “neutral” rating to a “buy” rating in a research note on Monday, June 2nd. They now have a $47.00 price target on the stock, up previously from $45.00. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. PacWest Bancorp presently has a consensus rating of “Buy” and a consensus target price of $46.83.
Shares of PacWest Bancorp (NASDAQ:PACW) traded up 0.56% during mid-day trading on Friday, hitting $41.965. The stock had a trading volume of 420,397 shares. PacWest Bancorp has a 1-year low of $32.79 and a 1-year high of $47.37. The stock’s 50-day moving average is $41.23 and its 200-day moving average is $41.74. The company has a market cap of $4.277 billion and a price-to-earnings ratio of 39.22.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, July 22nd. The company reported $0.64 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.62 by $0.02. During the same quarter last year, the company posted $0.39 earnings per share. On average, analysts predict that PacWest Bancorp will post $2.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, August 26th. Stockholders of record on Monday, August 18th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, August 14th.
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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