BidaskClub downgraded shares of PacWest Bancorp (NASDAQ:PACW) from a sell rating to a strong sell rating in a research report released on Saturday morning.
Several other research firms have also recently weighed in on PACW. Zacks Investment Research cut PacWest Bancorp from a buy rating to a hold rating in a research report on Thursday, May 31st. Sandler O’Neill reaffirmed a buy rating and set a $59.00 price objective on shares of PacWest Bancorp in a research report on Monday, June 25th. Stephens reaffirmed a buy rating and set a $58.00 price objective on shares of PacWest Bancorp in a research report on Wednesday. Finally, Wedbush reaffirmed a neutral rating on shares of PacWest Bancorp in a research report on Monday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. PacWest Bancorp has a consensus rating of Buy and a consensus target price of $55.82.
PacWest Bancorp stock opened at $50.29 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.34. The company has a market cap of $6.07 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 1.33 and a beta of 1.40. PacWest Bancorp has a fifty-two week low of $43.61 and a fifty-two week high of $55.86.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.05. The business had revenue of $301.97 million for the quarter, compared to analysts’ expectations of $293.62 million. PacWest Bancorp had a return on equity of 8.70% and a net margin of 33.41%. During the same period in the previous year, the firm posted $0.77 EPS. analysts forecast that PacWest Bancorp will post 3.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Monday, August 20th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 17th. This represents a $2.40 annualized dividend and a dividend yield of 4.77%. PacWest Bancorp’s payout ratio is 82.19%.
Hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. lifted its holdings in shares of PacWest Bancorp by 82.5% during the second quarter. Alps Advisors Inc. now owns 16,582 shares of the financial services provider’s stock valued at $836,000 after purchasing an additional 7,496 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of PacWest Bancorp by 6.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,107,317 shares of the financial services provider’s stock valued at $54,724,000 after purchasing an additional 63,316 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of PacWest Bancorp by 39.9% during the second quarter. BNP Paribas Arbitrage SA now owns 55,884 shares of the financial services provider’s stock valued at $2,762,000 after purchasing an additional 15,948 shares during the last quarter. TCW Group Inc. purchased a new position in shares of PacWest Bancorp during the second quarter valued at approximately $2,461,000. Finally, Systematic Financial Management LP purchased a new position in shares of PacWest Bancorp during the second quarter valued at approximately $4,880,000. Hedge funds and other institutional investors own 87.45% of the company’s stock.
PacWest Bancorp Company Profile
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.
Further Reading: Hedge Funds Explained
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