There has been some buying and selling insider activity on PacWest Bancorp (NASDAQ:PACW) recently. Craig A. Carlson, Director disclosed the sale of 1,081 shares. The shares were purchased at an average price of $47.16. Carlson now owns $295,835 of the stock per the Form 4 SEC filing. Donald D. Destino, EVP, Corp. Dev. & Inv. Rel. acquired $23,960 worth of shares at an average price of $47.92 on Wed the 19th. Destino now owns $33,544 of stock as reported to the SEC.
EVP Patrick J. Rusnak purchased 2,000 shares at an average price of $47.75 on Wed the 19th. That brings the EVP’s holdings to $3,884,415 as recorded in a recent Form 4 SEC filing.
PacWest Bancorp, launched on March 24, 2008, 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. The Company provides commercial banking services, and deposit and treasury management services to small and middle-market businesses. It offers products and services through its CapitalSource and Square 1 Bank divisions. CapitalSource Division provides cash flow, asset-based, equipment, and real estate loans and treasury management services to middle market businesses on a national basis. Square 1 Bank Division offers a suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in hubs across the United States. In addition, the Company provides investment advisory and asset management services to select clients through Square 1 Asset Management, Inc., a subsidiary of the Bank..
The following firms have also recently changed their position in PACW. As of the end of the quarter Proficio Capital Partners LLC had acquired 94 shares growing its position 11.9%. The value of the total investment in PacWest Bancorp went from $43,000 to $42,000 decreasing 2.3% since the last quarter. As of quarter end Morgan Stanley had sold a total of 4,685 shares trimming its stake by 52.5%. The value of the company’s investment in PacWest Bancorp decreased from $486,000 to $226,000 a change of 53.5% quarter over quarter.
As of the end of the quarter Tower Research Capital LLC (trc) had sold 6,069 shares trimming its holdings by 98.0%. The value of the investment in PACW went from $337,000 to $7,000 a change of $330,000 for the reporting period. Goldman Sachs Group Inc added to its stake by buying 1,376 shares an increase of 10.3% in the quarter. Goldman Sachs Group Inc currently owns 14,728 shares with a value of $784,000. The total value of its holdings increased 7.8%.
Raymond James added the stock to its research portfolio giving it an initial rating of “Outperform”. On October 4 the company was downgraded to “Market Perform” from “Outperform” in a report from Wells Fargo.
On September 16 analysts at JMP Securities began coverage by announcing an initial rating of “Market Outperform”. On July 18 the company was changed to a “Neutral” by DA Davidson which is down from the previous “Buy” rating.
On March 24 Keefe Bruyette & Woods made no change to the stock rating of “Outperform” and moved down the price target to $45.00 from $50.00. On January 14, 2016 the stock rating was set at “Market Perform” in a report from BMO Capital which was a cut from the previous “Outperform” rating.
The company is up from yesterday’s close of $47.08. Additionally PacWest Bancorp recently declared a dividend that was paid on Wednesday the 31st of May 2017. The dividend payment was $0.500 per share for the quarter which comes to $2.00 on an annualized basis. The dividend yield was $4.35. The ex-dividend date was Thursday the 18th of May 2017.
Company chares are trading at $49.09 barely above the 50 day moving average of $48.55 and a bit lower than the 200 day moving average of $52.61. The 50 day moving average went up by +1.11% whereas the 200 day average was down by -6.69%.
The most current P/E ratio is 17.53 and market capitalization is 5.81B. In the latest earnings report the EPS was $2.80 and is projected to be $2.84 for the current year with 118,332,000 shares currently outstanding. Next quarter’s EPS is estimated at $0.75 with next year’s EPS anticipated to be $3.37.
Traders are more bearish on shares of PacWest Bancorp recently as shown by the uptick in short interest. The firm had a rise in short interest of 2.80% as of April 28, 2017 from the last reporting period. Short shares increased 84,454 over that timeframe. The days to cover increased to 4.6 and the short interest percentage is 0.03% as of April 28.