PacWest Bancorp (NASDAQ:PACW) released its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09, Bloomberg Earnings reports. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The firm had revenue of $273.07 million for the quarter, compared to analysts’ expectations of $281.14 million. During the same quarter in the previous year, the business posted $0.77 EPS.
Shares of PacWest Bancorp (PACW) opened at 48.88 on Friday. The company has a market capitalization of $5.94 billion, a P/E ratio of 16.51 and a beta of 1.62. PacWest Bancorp has a 12 month low of $41.28 and a 12 month high of $57.53. The company’s 50 day moving average price is $47.73 and its 200 day moving average price is $47.69.
In related news, CFO Patrick J. Rusnak purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, October 19th. The stock was purchased at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the purchase, the chief financial officer now owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.98% of the company’s stock.
A number of brokerages have recently issued reports on PACW. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. Piper Jaffray Companies restated a “buy” rating and issued a $54.00 price target on shares of PacWest Bancorp in a research note on Thursday, October 19th. BMO Capital Markets dropped their price target on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a research note on Thursday, October 19th. FBR & Co cut PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research note on Wednesday, October 18th. Finally, Raymond James Financial, Inc. lowered 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 assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. PacWest Bancorp has a consensus rating of “Buy” and an average target price of $53.00.
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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 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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