PacWest Bancorp (NASDAQ:PACW) has been given an average rating of “Hold” by the fifteen ratings firms that are presently covering the firm, Marketbeat.com reports. Ten investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $54.70.
PACW has been the subject of several recent research reports. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Wednesday, January 24th. DA Davidson reiterated a “buy” rating and issued a $59.00 price target on shares of PacWest Bancorp in a research report on Friday, January 19th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $59.00 price target on shares of PacWest Bancorp in a research report on Friday, December 22nd. BMO Capital Markets reiterated a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Finally, BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th.
In related news, Director Daniel B. Platt sold 7,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in PacWest Bancorp by 5.0% during the fourth quarter. BlackRock Inc. now owns 13,945,196 shares of the financial services provider’s stock worth $702,839,000 after buying an additional 659,918 shares in the last quarter. Wells Fargo & Company MN grew its position in PacWest Bancorp by 10.8% during the fourth quarter. Wells Fargo & Company MN now owns 4,815,057 shares of the financial services provider’s stock worth $242,679,000 after buying an additional 468,841 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in PacWest Bancorp by 3.9% during the third quarter. Ameriprise Financial Inc. now owns 3,360,492 shares of the financial services provider’s stock worth $169,738,000 after purchasing an additional 125,503 shares during the last quarter. Janus Henderson Group PLC lifted its stake in PacWest Bancorp by 34.1% during the third quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock worth $157,610,000 after purchasing an additional 794,113 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in PacWest Bancorp by 66.5% during the fourth quarter. Millennium Management LLC now owns 2,747,060 shares of the financial services provider’s stock worth $138,452,000 after purchasing an additional 1,097,347 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.
Shares of PACW stock traded up $0.06 during midday trading on Friday, hitting $51.87. The stock had a trading volume of 298,125 shares, compared to its average volume of 790,163. The stock has a market capitalization of $6,574.42, a PE ratio of 17.61, a PEG ratio of 1.51 and a beta of 1.45. PacWest Bancorp has a one year low of $43.08 and a one year high of $54.86. 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 (NASDAQ:PACW) last announced its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.08). The company had revenue of $289.75 million during the quarter, compared to analysts’ expectations of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same quarter last year, the firm posted $0.71 earnings per share. analysts predict that PacWest Bancorp will post 3.46 EPS for the current fiscal year.
PacWest Bancorp declared that its board has approved a stock buyback program on Friday, February 16th that allows the company to buyback $200.00 million in shares. 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.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.86%. The ex-dividend date was Friday, February 16th. PacWest Bancorp’s payout ratio is 68.49%.
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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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