PacWest Bancorp (NASDAQ:PACW) Sets New 12-Month High at $47.71

Shares of PacWest Bancorp (NASDAQ:PACW) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $47.71 and last traded at $47.67, with a volume of 12310 shares traded. The stock had previously closed at $47.12.

PACW has been the subject of a number of recent analyst reports. Truist Securities raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, September 21st. Truist raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and upped their price objective for the stock from $44.00 to $50.00 in a research report on Tuesday, September 21st. Truist Financial raised shares of PacWest Bancorp to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, September 21st. Wells Fargo & Company upped their price objective on shares of PacWest Bancorp from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, October 7th. Finally, Wedbush reduced their target price on shares of PacWest Bancorp from $47.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday, July 20th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, PacWest Bancorp currently has an average rating of “Buy” and an average target price of $47.60.

The company has a market capitalization of $5.58 billion, a PE ratio of 11.30 and a beta of 1.60. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.83 and a current ratio of 0.83. The stock’s 50 day moving average is $43.17 and its 200 day moving average is $42.31.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Sunday, July 18th. The financial services provider reported $1.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.54. The company had revenue of $306.68 million for the quarter, compared to analysts’ expectations of $304.07 million. PacWest Bancorp had a net margin of 39.30% and a return on equity of 13.62%. During the same period in the prior year, the company posted $0.28 EPS. On average, equities research analysts forecast that PacWest Bancorp will post 4.82 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 31st. Investors of record on Tuesday, August 17th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Monday, August 16th. PacWest Bancorp’s payout ratio is currently 47.62%.

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of PacWest Bancorp by 4.7% during the 2nd quarter. Vanguard Group Inc. now owns 12,668,794 shares of the financial services provider’s stock valued at $521,448,000 after buying an additional 563,363 shares in the last quarter. FMR LLC lifted its stake in PacWest Bancorp by 4.9% in the 2nd quarter. FMR LLC now owns 6,670,178 shares of the financial services provider’s stock worth $274,545,000 after purchasing an additional 312,549 shares in the last quarter. State Street Corp lifted its stake in PacWest Bancorp by 0.4% in the 2nd quarter. State Street Corp now owns 5,958,208 shares of the financial services provider’s stock worth $245,240,000 after purchasing an additional 25,197 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in PacWest Bancorp by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,498,595 shares of the financial services provider’s stock worth $133,374,000 after purchasing an additional 53,093 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in PacWest Bancorp by 1.2% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,179,910 shares of the financial services provider’s stock worth $89,725,000 after purchasing an additional 26,733 shares in the last quarter. Institutional investors own 88.45% of the company’s stock.

PacWest Bancorp Company Profile (NASDAQ:PACW)

PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. Through the Pacific Western Bank, it offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses.

Read More: Inflation

Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.