PacWest Bancorp (NASDAQ:PACW) had its price objective lifted by BMO Capital Markets to $56.00 in a research note released on Friday, The Fly reports. The firm currently has a market perform rating on the financial services provider’s stock.
A number of other research analysts also recently issued reports on PACW. DA Davidson restated a buy rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Friday. UBS Group 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 on the stock. in a research report on Wednesday, October 18th. SunTrust Banks restated a hold rating and set a $49.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 12th. Finally, BidaskClub upgraded shares of PacWest Bancorp from a sell rating to a hold rating in a research report on Wednesday, December 20th. Ten analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. PacWest Bancorp presently has a consensus rating of Hold and a consensus target price of $54.70.
Shares of PacWest Bancorp (NASDAQ PACW) traded up $1.31 during midday trading on Friday, reaching $53.95. 999,200 shares of the company traded hands, compared to its average volume of 936,123. The firm has a market cap of $6,890.00, a P/E ratio of 18.54, a price-to-earnings-growth ratio of 1.61 and a beta of 1.59. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. PacWest Bancorp has a 1-year low of $43.08 and a 1-year high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. The company had revenue of $289.75 million for the quarter, compared to analyst estimates of $297.74 million. During the same quarter last year, the company earned $0.71 EPS. research analysts predict that PacWest Bancorp will post 3.35 earnings per share for the current year.
PacWest Bancorp announced that its Board of Directors has approved a share repurchase plan on Thursday, November 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in PACW. Steward Partners Investment Advisory LLC bought a new stake in shares of PacWest Bancorp in the 3rd quarter valued at about $122,000. Raymond James Trust N.A. bought a new stake in shares of PacWest Bancorp in the 3rd quarter valued at about $211,000. CIBC Asset Management Inc bought a new stake in shares of PacWest Bancorp in the 3rd quarter valued at about $213,000. 1st Global Advisors Inc. increased its stake in shares of PacWest Bancorp by 3.4% in the 2nd quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 169 shares during the last quarter. Finally, TLP Group LLC bought a new stake in shares of PacWest Bancorp in the 2nd quarter valued at about $252,000. 82.42% of the stock is owned by institutional investors.
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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 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.
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