PacWest Bancorp (NASDAQ:PACW) declared a quarterly dividend on Wednesday, August 2nd, Wall Street Journal reports. Stockholders of record on Monday, August 21st will be given a dividend of 0.50 per share by the financial services provider on Thursday, August 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date is Thursday, August 17th.
PacWest Bancorp (PACW) opened at 45.29 on Friday. The stock’s 50 day moving average price is $47.34 and its 200-day moving average price is $50.62. PacWest Bancorp has a 1-year low of $41.10 and a 1-year high of $57.53. The company has a market cap of $5.44 billion, a PE ratio of 15.64 and a beta of 1.58.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.06. The company had revenue of $277.76 million for the quarter, compared to analyst estimates of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same quarter in the previous year, the company earned $0.68 earnings per share. On average, analysts forecast that PacWest Bancorp will post $2.95 earnings per share for the current year.
Several equities analysts have commented on PACW shares. Keefe, Bruyette & Woods restated a “buy” rating and issued a $55.00 price target on shares of PacWest Bancorp in a research note on Thursday, May 18th. Stephens restated a “buy” rating and issued a $56.00 price target on shares of PacWest Bancorp in a research note on Friday, July 14th. ValuEngine upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. FBR & Co set a $55.00 price target on shares of PacWest Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 19th. Finally, BMO Capital Markets restated a “hold” rating and issued a $55.00 price target on shares of PacWest Bancorp in a research note on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $55.60.
In related news, Director Craig A. Carlson sold 1,081 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $47.16, for a total transaction of $50,979.96. Following the completion of the transaction, the director now owns 6,273 shares in the company, valued at $295,834.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.
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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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