PacWest Bancorp (NASDAQ:PACW) declared that its board has approved a share repurchase program, which permits the company to buyback $200.00 million in outstanding shares on Friday, February 16th, EventVestor reports. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
A number of research analysts have commented on PACW shares. Keefe, Bruyette & Woods restated a “buy” rating and set a $59.00 price target on shares of PacWest Bancorp in a research note on Friday, December 22nd. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, January 24th. DA Davidson restated a “buy” rating and set a $59.00 price target on shares of PacWest Bancorp in a research note on Friday, January 19th. SunTrust Banks restated a “hold” rating and set a $54.00 price target on shares of PacWest Bancorp in a research note on Tuesday, January 9th. Finally, BMO Capital Markets restated a “hold” rating and set a $49.00 price target on shares of PacWest Bancorp in a research note on Wednesday, December 20th. Ten research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. PacWest Bancorp presently has a consensus rating of “Hold” and a consensus target price of $55.18.
Shares of PacWest Bancorp (NASDAQ PACW) traded up $0.43 during midday trading on Monday, hitting $54.40. The stock had a trading volume of 899,700 shares, compared to its average volume of 761,055. The firm has a market capitalization of $7,005.79, a PE ratio of 18.57, a P/E/G ratio of 1.57 and a beta of 1.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.93. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.53.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Friday, February 16th. PacWest Bancorp’s payout ratio is currently 68.49%.
In other news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.98% of the stock is currently owned by company insiders.
ILLEGAL ACTIVITY NOTICE: “PacWest Bancorp (PACW) to Buyback $200.00 million in Stock” was reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this piece on another domain, it was illegally copied and reposted in violation of United States and international copyright law. The original version of this piece can be viewed at https://stocknewstimes.com/2018/02/19/pacwest-bancorp-pacw-to-buyback-200-00-million-in-stock.html.
PacWest Bancorp Company Profile
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.
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.