PacWest Bancorp (NASDAQ:PACW) was downgraded by analysts at FBR & Co from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, October 18th, MarketBeat.com reports. They presently have a $50.00 target price on the financial services provider’s stock. FBR & Co’s price objective indicates a potential upside of 2.29% from the company’s current price. FBR & Co also issued estimates for PacWest Bancorp’s Q4 2017 earnings at $0.71 EPS, FY2017 earnings at $2.94 EPS, Q1 2018 earnings at $0.75 EPS, Q2 2018 earnings at $0.75 EPS, Q3 2018 earnings at $0.79 EPS, Q4 2018 earnings at $0.80 EPS, FY2018 earnings at $3.10 EPS, Q1 2019 earnings at $0.82 EPS, Q2 2019 earnings at $0.84 EPS, Q3 2019 earnings at $0.87 EPS and FY2019 earnings at $3.40 EPS.
Other analysts have also issued research reports about the stock. SunTrust Banks, Inc. began coverage on shares of PacWest Bancorp in a research note on Friday, August 18th. They issued a “hold” rating and a $49.00 price target for the company. BidaskClub lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Wedbush restated a “neutral” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research note on Tuesday, June 27th. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Finally, Raymond James Financial, Inc. downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $53.00.
PacWest Bancorp (NASDAQ PACW) opened at 48.88 on Wednesday. PacWest Bancorp has a 12-month low of $41.28 and a 12-month high of $57.53. The company has a market cap of $5.94 billion, a P/E ratio of 16.51 and a beta of 1.62. The firm’s 50 day moving average is $47.73 and its 200 day moving average is $47.69.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The company had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter last year, the firm posted $0.77 earnings per share. Equities research analysts anticipate that PacWest Bancorp will post $2.99 EPS for the current fiscal year.
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In related news, CFO Patrick J. Rusnak acquired 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the acquisition, the chief financial officer now owns 77,852 shares in the company, valued at $3,652,815.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.98% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of PACW. Ffcm LLC grew its stake in shares of PacWest Bancorp by 172.7% in the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,516 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of PacWest Bancorp by 12.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after buying an additional 468 shares in the last quarter. Creative Planning grew its stake in shares of PacWest Bancorp by 17.3% in the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after buying an additional 613 shares in the last quarter. Raymond James Trust N.A. bought a new stake in shares of PacWest Bancorp in the 3rd quarter valued at approximately $211,000. Finally, Charter Trust Co. grew its stake in shares of PacWest Bancorp by 0.8% in the 2nd quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock valued at $222,000 after buying an additional 38 shares in the last quarter. Institutional investors own 89.05% of the company’s stock.
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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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