Raymond James Financial, Inc. cut shares of PacWest Bancorp (NASDAQ:PACW) from a strong-buy rating to an outperform rating in a research report report published on Tuesday, October 17th, Marketbeat reports.
PACW has been the topic of a number of other research reports. BidaskClub lowered PacWest Bancorp from a hold rating to a sell rating in a report on Saturday, June 24th. Wedbush restated a neutral rating and issued a $49.00 target price on shares of PacWest Bancorp in a report on Tuesday, June 27th. ValuEngine upgraded PacWest Bancorp from a hold rating to a buy rating in a report on Thursday, July 6th. Stephens restated a buy rating and issued a $56.00 target price on shares of PacWest Bancorp in a report on Friday, July 14th. Finally, FBR & Co set a $55.00 target price on PacWest Bancorp and gave the company a buy rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $53.00.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 48.92 on Tuesday. PacWest Bancorp has a 1-year low of $41.28 and a 1-year high of $57.53. The firm has a 50-day moving average price of $47.73 and a 200 day moving average price of $47.69. The company has a market cap of $5.94 billion, a PE ratio of 16.52 and a beta of 1.62.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same quarter in the prior year, the company earned $0.77 earnings per share. On average, equities analysts anticipate that PacWest Bancorp will post $2.99 earnings per share for the current year.
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In other news, CFO Patrick J. Rusnak bought 2,000 shares of the firm’s stock in a transaction on Thursday, October 19th. The stock was acquired at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.98% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PACW. UBS Asset Management Americas Inc. increased its position in PacWest Bancorp by 6.8% in the first quarter. UBS Asset Management Americas Inc. now owns 69,907 shares of the financial services provider’s stock worth $3,723,000 after buying an additional 4,427 shares during the last quarter. Stifel Financial Corp increased its position in PacWest Bancorp by 25.2% in the first quarter. Stifel Financial Corp now owns 11,364 shares of the financial services provider’s stock worth $605,000 after buying an additional 2,286 shares during the last quarter. Credit Agricole S A purchased a new stake in PacWest Bancorp in the first quarter worth $826,000. OppenheimerFunds Inc. increased its position in PacWest Bancorp by 19.4% in the first quarter. OppenheimerFunds Inc. now owns 14,758 shares of the financial services provider’s stock worth $786,000 after buying an additional 2,399 shares during the last quarter. Finally, Teachers Advisors LLC increased its position in PacWest Bancorp by 11.9% in the first quarter. Teachers Advisors LLC now owns 185,592 shares of the financial services provider’s stock worth $9,885,000 after buying an additional 19,674 shares during the last quarter. 89.05% of the stock is owned by institutional investors and hedge funds.
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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