PacWest Bancorp (PACW) Shares Gap Up on Insider Buying Activity

PacWest Bancorp (NASDAQ:PACW) shares gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $38.06, but opened at $38.93. PacWest Bancorp shares last traded at $40.62, with a volume of 2251300 shares changing hands.

Specifically, Director Tanya M. Acker acquired 1,000 shares of the firm’s stock in a transaction dated Friday, September 14th. The stock was purchased at an average cost of $50.26 per share, with a total value of $50,260.00. Following the completion of the acquisition, the director now directly owns 3,900 shares of the company’s stock, valued at $196,014. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew P. Wagner acquired 20,925 shares of the firm’s stock in a transaction dated Monday, October 29th. The shares were bought at an average cost of $39.01 per share, with a total value of $816,284.25. Following the completion of the acquisition, the chief executive officer now directly owns 530,552 shares of the company’s stock, valued at $20,696,833.52. The disclosure for this purchase can be found here. 1.01% of the stock is owned by insiders.

A number of analysts have commented on PACW shares. Wedbush reaffirmed a “neutral” rating on shares of PacWest Bancorp in a report on Monday, July 16th. Stephens reaffirmed a “buy” rating and set a $58.00 target price on shares of PacWest Bancorp in a report on Tuesday, October 16th. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, July 20th. BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, August 17th. Finally, BMO Capital Markets reduced their target price on shares of PacWest Bancorp from $52.00 to $50.00 and set a “market perform” rating for the company in a report on Wednesday, October 17th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. PacWest Bancorp presently has a consensus rating of “Hold” and an average target price of $54.90.



The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.41. The firm has a market cap of $4.72 billion, a P/E ratio of 13.91, a P/E/G ratio of 1.05 and a beta of 1.41.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. The firm had revenue of $297.23 million during the quarter, compared to analysts’ expectations of $301.52 million. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. During the same period in the prior year, the company posted $0.84 earnings per share. Analysts predict that PacWest Bancorp will post 3.71 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in PACW. LPL Financial LLC increased its stake in shares of PacWest Bancorp by 28.4% in the first quarter. LPL Financial LLC now owns 8,346 shares of the financial services provider’s stock worth $413,000 after purchasing an additional 1,847 shares in the last quarter. Legal & General Group Plc increased its stake in shares of PacWest Bancorp by 7.1% in the first quarter. Legal & General Group Plc now owns 158,565 shares of the financial services provider’s stock worth $7,854,000 after purchasing an additional 10,533 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of PacWest Bancorp by 32.4% in the first quarter. Brown Advisory Inc. now owns 15,532 shares of the financial services provider’s stock worth $770,000 after purchasing an additional 3,800 shares in the last quarter. LVM Capital Management Ltd. MI purchased a new stake in shares of PacWest Bancorp in the second quarter worth $6,118,000. Finally, State of Alaska Department of Revenue increased its stake in shares of PacWest Bancorp by 21.4% in the second quarter. State of Alaska Department of Revenue now owns 31,280 shares of the financial services provider’s stock worth $1,544,000 after purchasing an additional 5,510 shares in the last quarter. 87.35% of the stock is owned by hedge funds and other institutional investors.

About PacWest Bancorp (NASDAQ:PACW)

PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial 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, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.

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