PacWest Bancorp (NASDAQ:PACW) Shares Gap Up After Insider Buying Activity

PacWest Bancorp (NASDAQ:PACW – Get Rating) shares gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $9.75, but opened at $15.21. PacWest Bancorp shares last traded at $14.11, with a volume of 16,724,825 shares changing hands.

Specifically, EVP William J. Black acquired 13,000 shares of the firm’s stock in a transaction on Thursday, March 9th. The shares were purchased at an average cost of $20.57 per share, for a total transaction of $267,410.00. Following the completion of the acquisition, the executive vice president now directly owns 13,000 shares in the company, valued at $267,410. The purchase was disclosed in a filing with the SEC, which is available at this link. In other PacWest Bancorp news, Director C William Hosler purchased 3,750 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were acquired at an average cost of $26.48 per share, for a total transaction of $99,300.00. Following the completion of the purchase, the director now owns 3,750 shares of the company’s stock, valued at approximately $99,300. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP William J. Black purchased 13,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The stock was acquired at an average price of $20.57 per share, for a total transaction of $267,410.00. Following the completion of the purchase, the executive vice president now directly owns 13,000 shares of the company’s stock, valued at approximately $267,410. The disclosure for this purchase can be found here. Insiders have purchased a total of 55,583 shares of company stock worth $1,189,046 over the last ninety days. Insiders own 1.25% of the company’s stock.

Wall Street Analyst Weigh In

PACW has been the topic of a number of analyst reports. DA Davidson upgraded shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $31.00 to $29.00 in a research note on Monday. Wells Fargo & Company increased their price objective on shares of PacWest Bancorp from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. Stephens reiterated an “overweight” rating and set a $32.00 price objective on shares of PacWest Bancorp in a research note on Monday. StockNews.com downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 10th. Finally, Truist Financial increased their target price on shares of PacWest Bancorp from $26.00 to $29.00 and gave the stock a “hold” rating in a report on Wednesday, February 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, PacWest Bancorp presently has a consensus rating of “Hold” and a consensus target price of $33.00.

PacWest Bancorp Trading Up 33.8 %

The business’s fifty day moving average is $25.53 and its 200-day moving average is $24.86. The firm has a market cap of $1.54 billion, a P/E ratio of 3.86 and a beta of 1.46. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.88 and a current ratio of 0.89.

PacWest Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were issued a $0.25 dividend. The ex-dividend date was Tuesday, February 14th. This represents a $1.00 dividend on an annualized basis and a yield of 7.66%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 29.59%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PACW. Teacher Retirement System of Texas raised its holdings in PacWest Bancorp by 69.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 32,392 shares of the financial services provider’s stock worth $732,000 after purchasing an additional 13,311 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in PacWest Bancorp by 12.5% during the 3rd quarter. Great West Life Assurance Co. Can now owns 84,197 shares of the financial services provider’s stock worth $1,903,000 after purchasing an additional 9,360 shares during the last quarter. Brandywine Global Investment Management LLC raised its holdings in PacWest Bancorp by 5.1% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 203,714 shares of the financial services provider’s stock worth $5,431,000 after purchasing an additional 9,809 shares during the last quarter. Cibc World Market Inc. raised its holdings in PacWest Bancorp by 20.0% during the 2nd quarter. Cibc World Market Inc. now owns 26,532 shares of the financial services provider’s stock worth $707,000 after purchasing an additional 4,422 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in PacWest Bancorp by 527.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 160,588 shares of the financial services provider’s stock worth $3,629,000 after purchasing an additional 134,997 shares during the last quarter. Institutional investors own 91.97% of the company’s stock.

PacWest Bancorp Company Profile

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