PacWest Bancorp Given Consensus Rating of “Buy” by Analysts (NASDAQ:PACW)
PacWest Bancorp (NASDAQ:PACW) has been given an average rating of “Buy” by the nine brokerages that are currently covering the company, American Banking News reports. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $46.83.
PacWest Bancorp (NASDAQ:PACW) opened at 42.09 on Friday. PacWest Bancorp has a one year low of $32.79 and a one year high of $47.37. The stock’s 50-day moving average is $41.25 and its 200-day moving average is $41.80. The company has a market cap of $4.289 billion and a P/E ratio of 39.44.
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. Investors 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 of this dividend is Thursday, August 14th.
In other PacWest Bancorp news, EVP Mark A. Christian sold 23,304 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $40.89, for a total transaction of $952,900.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. 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.
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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