PacWest Bancorp (PACW) Plans $0.50 Quarterly Dividend
PacWest Bancorp (NASDAQ:PACW) declared a quarterly dividend on Wednesday, November 1st, NASDAQ reports. Investors of record on Monday, November 20th will be given a dividend of 0.50 per share by the financial services provider on Thursday, November 30th. This represents a $2.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Friday, November 17th.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period in the prior year, the firm earned $0.77 EPS.
Several analysts recently issued reports on PACW shares. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Thursday, September 7th. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the stock a “buy” rating in a report on Wednesday, July 19th. Stephens reaffirmed a “buy” rating and set a $56.00 price objective on shares of PacWest Bancorp in a report on Friday, July 14th. ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $54.00 price objective on shares of PacWest Bancorp in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $53.00.
In related news, CFO Patrick J. Rusnak purchased 2,000 shares of PacWest Bancorp stock in a transaction on Thursday, October 19th. The stock was purchased at an average cost of $46.92 per share, with a total value of $93,840.00. Following the acquisition, the chief financial officer now directly owns 77,852 shares in the company, valued at $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.98% of the stock is owned by corporate insiders.
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PacWest Bancorp Company Profile
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. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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