PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases. In addition, the company offers consumer loans comprising personal loans, auto loans, home equity lines of credit, revolving lines of credit, and other loans. Further, it provides international banking and multi-state deposit services; money market sweep products; investment advisory and asset management services; treasury and cash management services; telephone banking, remote deposit, and online and mobile banking services; and automated teller machine services. The company offers its products and services to small and mid-sized companies, venture capital and private equity investors, professionals, and other individuals. As of February 1, 2022, it operated through 69 full-service branches located in California; one branch located in Durham, North Carolina; one branch located in Denver, Colorado; and various loan production offices. The company was formerly known as First Community Bancorp and changed its name to PacWest Bancorp in April 2008. PacWest Bancorp was founded in 1999 and is headquartered in Beverly Hills, California.
Wall Street Analyst Weigh In
Several research analysts have issued reports on PACW shares. Piper Sandler lowered their price objective on shares of PacWest Bancorp to $40.00 in a research report on Monday, July 4th. Truist Financial lowered their price objective on shares of PacWest Bancorp from $45.00 to $38.00 and set a "buy" rating on the stock in a research report on Monday, June 13th. Keefe, Bruyette & Woods downgraded shares of PacWest Bancorp from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $47.00 to $35.00 in a research report on Friday, July 22nd. DA Davidson lowered their target price on shares of PacWest Bancorp to $43.00 in a report on Friday, July 22nd. Finally, Wells Fargo & Company lowered their target price on shares of PacWest Bancorp to $40.00 in a report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $40.89.
PacWest Bancorp Price Performance
PACW Stock traded up $0.07 during trading on Monday, reaching $29.79. 703,351 shares of the company were exchanged, compared to its average volume of 1,200,842. The company has a market cap of $3.51 billion, a P/E ratio of 6.85 and a beta of 1.40. PacWest Bancorp has a 52-week low of $25.48 and a 52-week high of $51.81. The stock's 50 day moving average price is $27.78 and its 200 day moving average price is $35.93. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.83.
PacWest Bancorp (NASDAQ:PACW - Get Rating) last released its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.05). The company had revenue of $358.27 million for the quarter, compared to analysts' expectations of $354.14 million. PacWest Bancorp had a return on equity of 13.78% and a net margin of 35.95%. The firm's quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.52 EPS. As a group, analysts predict that PacWest Bancorp will post 4.24 earnings per share for the current fiscal year.
PacWest Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Monday, August 15th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Friday, August 12th. PacWest Bancorp's payout ratio is currently 23.04%.
Insiders Place Their Bets
In other PacWest Bancorp news, CAO Monica L. Sparks bought 4,000 shares of the business's stock in a transaction on Monday, June 6th. The stock was bought at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 4,000 shares in the company, valued at approximately $100,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Rebecca H. Cordes acquired 10,000 shares of the business's stock in a transaction dated Monday, June 6th. The stock was acquired at an average price of $25.00 per share, with a total value of $250,000.00. Following the completion of the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $250,000. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Monica L. Sparks bought 4,000 shares of the stock in a transaction that occurred on Monday, June 6th. The stock was bought at an average price of $25.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the chief accounting officer now owns 4,000 shares of the company's stock, valued at approximately $100,000. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 42,000 shares of company stock worth $1,050,000. Insiders own 1.25% of the company's stock.
