PacWest Bancorp (PACW) Sees Strong Trading Volume After Better-Than-Expected Earnings
PacWest Bancorp (NASDAQ:PACW) saw strong trading volume on Tuesday after the company announced better than expected quarterly earnings. 754,014 shares changed hands during trading, an increase of 15% from the previous session’s volume of 657,723 shares.The stock last traded at $41.35 and had previously closed at $41.47.
The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.57% and a net margin of 29.59%. During the same quarter in the previous year, the business posted $0.63 EPS.
Several equities analysts have recently weighed in on the company. DA Davidson cut PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a report on Monday, July 18th. They noted that the move was a valuation call. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, August 25th. FBR & Co reaffirmed an “outperform” rating and issued a $46.00 target price (down from $48.00) on shares of PacWest Bancorp in a report on Monday, July 18th. BMO Capital Markets reaffirmed a “hold” rating on shares of PacWest Bancorp in a report on Monday, July 18th. Finally, JMP Securities started coverage on PacWest Bancorp in a report on Friday, September 16th. They issued an “outperform” rating and a $48.00 target price on the stock. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $45.43.
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In other PacWest Bancorp news, Director Daniel B. Platt sold 2,550 shares of the stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $42.18, for a total value of $107,559.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John M. Eggemeyer III sold 537,260 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $42.34, for a total value of $22,747,588.40. Following the completion of the sale, the director now owns 257,940 shares of the company’s stock, valued at approximately $10,921,179.60. The disclosure for this sale can be found here. 1.43% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. BlackRock Fund Advisors raised its stake in shares of PacWest Bancorp by 6.6% in the second quarter. BlackRock Fund Advisors now owns 8,883,775 shares of the financial services provider’s stock worth $353,397,000 after buying an additional 552,498 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of PacWest Bancorp by 4.6% in the second quarter. Vanguard Group Inc. now owns 8,434,652 shares of the financial services provider’s stock worth $335,530,000 after buying an additional 374,174 shares during the last quarter. State Street Corp raised its stake in shares of PacWest Bancorp by 15.0% in the first quarter. State Street Corp now owns 5,247,497 shares of the financial services provider’s stock worth $194,939,000 after buying an additional 682,679 shares during the last quarter. Janus Capital Management LLC raised its stake in shares of PacWest Bancorp by 10.1% in the second quarter. Janus Capital Management LLC now owns 3,978,789 shares of the financial services provider’s stock worth $158,268,000 after buying an additional 365,669 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of PacWest Bancorp by 1.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,492,295 shares of the financial services provider’s stock worth $138,923,000 after buying an additional 60,332 shares during the last quarter. Institutional investors and hedge funds own 92.29% of the company’s stock.
The stock has a 50 day moving average price of $42.74 and a 200 day moving average price of $40.63. The firm has a market capitalization of $4.99 billion, a price-to-earnings ratio of 15.40 and a beta of 1.64.
About PacWest Bancorp
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
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