PacWest Bancorp (NASDAQ:PACW) announced that its board has initiated a stock repurchase program, which allows the company to buyback $200.00 million in shares on Friday, February 16th, EventVestor reports. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
PacWest Bancorp (NASDAQ PACW) traded down $0.75 during midday trading on Wednesday, hitting $52.16. 726,537 shares of the stock were exchanged, compared to its average volume of 753,727. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.08. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $6,730.00, a PE ratio of 17.99, a P/E/G ratio of 1.54 and a beta of 1.45.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). The company had revenue of $289.75 million during the quarter, compared to analyst estimates of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same period in the prior year, the company earned $0.71 earnings per share. equities analysts forecast that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were issued a $0.50 dividend. The ex-dividend date was Friday, February 16th. This represents a $2.00 annualized dividend and a yield of 3.83%. PacWest Bancorp’s dividend payout ratio is presently 68.97%.
Several equities research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. BidaskClub upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, February 8th. B. Riley reissued a “neutral” rating and set a $55.00 target price (up from $52.00) on shares of PacWest Bancorp in a research report on Monday, January 22nd. BMO Capital Markets boosted their target price on shares of PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a research report on Friday, January 19th. Finally, DA Davidson reissued a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, January 19th. Ten equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. PacWest Bancorp currently has an average rating of “Hold” and an average price target of $55.18.
In related news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total value of $375,270.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.98% of the company’s stock.
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About PacWest Bancorp
PacWest Bancorp 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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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.
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