PacWest Bancorp (PACW) Stock Rating Reaffirmed by SunTrust Banks

PacWest Bancorp (NASDAQ:PACW)‘s stock had its “hold” rating restated by SunTrust Banks in a report issued on Tuesday. They presently have a $54.00 price target on the financial services provider’s stock. SunTrust Banks’ price target suggests a potential upside of 3.61% from the company’s current price. SunTrust Banks also issued estimates for PacWest Bancorp’s Q1 2018 earnings at $0.80 EPS, Q2 2018 earnings at $0.83 EPS, Q3 2018 earnings at $0.88 EPS, Q4 2018 earnings at $0.90 EPS, FY2018 earnings at $3.41 EPS, Q1 2019 earnings at $0.92 EPS, Q2 2019 earnings at $0.94 EPS, Q3 2019 earnings at $0.98 EPS, Q4 2019 earnings at $1.01 EPS and FY2019 earnings at $3.85 EPS.

A number of other research firms also recently weighed in on PACW. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. UBS Group downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Raymond James Financial downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. FBR & Co downgraded shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price for the company. in a research report on Wednesday, October 18th. Finally, BMO Capital Markets decreased their target price on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. Ten equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $53.64.

PacWest Bancorp (NASDAQ:PACW) opened at $52.12 on Tuesday. The stock has a market cap of $6,720.00, a P/E ratio of 17.61, a P/E/G ratio of 1.60 and a beta of 1.59. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15.

PacWest Bancorp (NASDAQ:PACW) last issued 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 business had revenue of $273.07 million during 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 business earned $0.77 EPS. equities analysts expect that PacWest Bancorp will post 3 earnings per share for the current year.

PacWest Bancorp announced that its board has authorized a share repurchase plan on Thursday, November 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

In related news, CFO Patrick J. Rusnak acquired 2,000 shares of PacWest Bancorp stock in a transaction dated Thursday, October 19th. The stock was bought at an average price of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now directly owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.98% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. First Allied Advisory Services Inc. grew its position in shares of PacWest Bancorp by 1.1% during the 2nd quarter. First Allied Advisory Services Inc. now owns 5,781 shares of the financial services provider’s stock worth $269,000 after buying an additional 65 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of PacWest Bancorp by 1.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after buying an additional 79 shares during the period. 1st Global Advisors Inc. grew its position in shares of PacWest Bancorp by 3.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after buying an additional 169 shares during the period. Sheaff Brock Investment Advisors LLC grew its position in shares of PacWest Bancorp by 3.4% during the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 6,473 shares of the financial services provider’s stock worth $302,000 after buying an additional 214 shares during the period. Finally, Stephens Inc. AR grew its position in shares of PacWest Bancorp by 1.9% during the 2nd quarter. Stephens Inc. AR now owns 18,891 shares of the financial services provider’s stock worth $882,000 after buying an additional 350 shares during the period. 82.37% of the stock is owned by institutional investors.

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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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