PacWest Bancorp (NASDAQ:PACW) Rating Increased to Hold at BidaskClub

BidaskClub upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a sell rating to a hold rating in a research note released on Wednesday, December 20th.

Several other research analysts have also recently issued reports on the stock. B. Riley reaffirmed a hold rating and issued a $50.00 target price on shares of PacWest Bancorp in a report on Monday, December 11th. Zacks Investment Research cut shares of PacWest Bancorp from a hold rating to a sell rating in a report on Friday, October 13th. Raymond James Financial cut shares of PacWest Bancorp from a strong-buy rating to an outperform rating in a report on Tuesday, October 17th. Piper Jaffray Companies reissued a buy rating and set a $54.00 price objective on shares of PacWest Bancorp in a report on Thursday, October 19th. Finally, BMO Capital Markets decreased their price objective on shares of PacWest Bancorp from $49.00 to $48.00 and set a market perform rating for the company in a report on Thursday, October 19th. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. PacWest Bancorp has an average rating of Hold and an average price target of $53.64.

Shares of PacWest Bancorp (NASDAQ PACW) traded up $0.52 on Wednesday, hitting $52.64. 695,141 shares of the stock were exchanged, compared to its average volume of 862,468. The company has a market cap of $6,760.00, a price-to-earnings ratio of 17.78, a price-to-earnings-growth ratio of 1.60 and a beta of 1.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $57.53.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The firm had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. During the same quarter in the previous year, the firm posted $0.77 EPS. sell-side analysts expect that PacWest Bancorp will post 3 earnings per share for the current fiscal year.

PacWest Bancorp declared that its board has authorized a share buyback program on Thursday, November 16th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

In other news, CFO Patrick J. Rusnak purchased 2,000 shares of the company’s stock in a transaction on Thursday, October 19th. The stock was acquired at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the transaction, the chief financial officer now directly owns 77,852 shares in the company, valued at approximately $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.98% of the company’s stock.

Large investors have recently modified their holdings of the stock. Bank of Nova Scotia bought a new position in shares of PacWest Bancorp during the second quarter worth $1,742,000. Synovus Financial Corp raised its stake in PacWest Bancorp by 9.3% during the second quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock valued at $6,641,000 after purchasing an additional 12,055 shares in the last quarter. Victory Capital Management Inc. raised its stake in PacWest Bancorp by 11.5% during the second quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock valued at $75,653,000 after purchasing an additional 167,575 shares in the last quarter. JPMorgan Chase & Co. raised its stake in PacWest Bancorp by 4.9% during the second quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock valued at $59,942,000 after purchasing an additional 59,603 shares in the last quarter. Finally, Heartland Advisors Inc. raised its stake in PacWest Bancorp by 20.1% during the second quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock valued at $11,217,000 after purchasing an additional 40,200 shares in the last quarter. Hedge funds and other institutional investors own 82.37% of the company’s stock.

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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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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.

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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