BidaskClub upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a sell rating to a hold rating in a research report sent to investors on Friday.
Several other research firms also recently weighed in on PACW. ValuEngine raised shares of PacWest Bancorp from a sell rating to a hold rating in a research report on Wednesday, October 3rd. Wells Fargo & Co set a $51.00 price objective on shares of PacWest Bancorp and gave the company a hold rating in a research note on Tuesday, October 2nd. BMO Capital Markets decreased their price objective on shares of PacWest Bancorp from $52.00 to $50.00 and set a market perform rating for the company in a research note on Wednesday, October 17th. SunTrust Banks decreased their price objective on shares of PacWest Bancorp to $48.00 and set a hold rating for the company in a research note on Thursday, October 18th. Finally, Stephens reiterated a buy rating and issued a $58.00 target price on shares of PacWest Bancorp in a research note on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $54.38.
NASDAQ:PACW traded up $0.24 during trading hours on Friday, hitting $36.29. 1,243,120 shares of the company were exchanged, compared to its average volume of 1,294,165. The company has a market cap of $4.34 billion, a PE ratio of 12.43, a P/E/G ratio of 0.95 and a beta of 1.48. PacWest Bancorp has a 52-week low of $31.16 and a 52-week high of $55.86. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.02. The company had revenue of $297.23 million for the quarter, compared to the consensus estimate of $301.52 million. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. During the same quarter in the previous year, the firm earned $0.84 EPS. As a group, analysts expect that PacWest Bancorp will post 3.7 EPS for the current fiscal year.
In related news, insider James Pieczynski purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 28th. The stock was bought at an average price of $39.72 per share, with a total value of $397,200.00. Following the acquisition, the insider now owns 47,497 shares in the company, valued at $1,886,580.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew P. Wagner purchased 20,925 shares of the business’s stock in a transaction that occurred on Monday, October 29th. The stock was bought at an average cost of $39.01 per share, with a total value of $816,284.25. Following the acquisition, the chief executive officer now owns 530,552 shares in the company, valued at approximately $20,696,833.52. The disclosure for this purchase can be found here. In the last three months, insiders purchased 40,925 shares of company stock valued at $1,625,784. 1.01% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Vident Investment Advisory LLC grew its holdings in shares of PacWest Bancorp by 84.9% during the second quarter. Vident Investment Advisory LLC now owns 13,437 shares of the financial services provider’s stock worth $664,000 after buying an additional 6,169 shares in the last quarter. Verition Fund Management LLC lifted its position in PacWest Bancorp by 43.4% in the second quarter. Verition Fund Management LLC now owns 20,278 shares of the financial services provider’s stock valued at $1,002,000 after buying an additional 6,133 shares during the last quarter. Systematic Financial Management LP lifted its position in PacWest Bancorp by 35.3% in the third quarter. Systematic Financial Management LP now owns 133,635 shares of the financial services provider’s stock valued at $6,368,000 after buying an additional 34,885 shares during the last quarter. GAM Holding AG acquired a new position in PacWest Bancorp in the third quarter valued at about $208,000. Finally, Voya Investment Management LLC lifted its position in PacWest Bancorp by 19.7% in the second quarter. Voya Investment Management LLC now owns 54,743 shares of the financial services provider’s stock valued at $2,705,000 after buying an additional 9,017 shares during the last quarter. 88.46% of the stock is owned by institutional investors and hedge funds.
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.
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