PacWest Bancorp (NASDAQ:PACW)‘s stock had its “hold” rating reiterated by analysts at SunTrust Banks in a research report issued to clients and investors on Tuesday, January 9th. They currently have a $54.00 price target on the financial services provider’s stock. SunTrust Banks’ price target suggests a potential upside of 2.14% from the stock’s previous close. 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.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research cut PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. B. Riley restated a “hold” rating and set a $50.00 price objective on shares of PacWest Bancorp in a research note on Monday, December 11th. Raymond James Financial cut PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. Piper Jaffray Companies restated a “buy” rating and set a $54.00 price objective on shares of PacWest Bancorp in a research note on Thursday, October 19th. Finally, BMO Capital Markets cut their price objective 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $55.18.
Shares of PacWest Bancorp (NASDAQ:PACW) traded down $0.53 during midday trading on Tuesday, hitting $52.87. The stock had a trading volume of 497,277 shares, compared to its average volume of 783,642. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $57.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. The stock has a market capitalization of $6,820.00, a P/E ratio of 18.17, a price-to-earnings-growth ratio of 1.52 and a beta of 1.51.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 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 business had revenue of $289.75 million during the quarter, compared to analyst estimates of $297.74 million. During the same quarter last year, the firm posted $0.71 EPS. sell-side analysts expect that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
PacWest Bancorp declared that its Board of Directors has initiated a share repurchase program on Thursday, November 16th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.98% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC bought a new position in PacWest Bancorp during the 3rd quarter valued at $122,000. Cerebellum GP LLC bought a new position in PacWest Bancorp during the 4th quarter valued at $135,000. Bessemer Group Inc. bought a new position in PacWest Bancorp during the 4th quarter valued at $144,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PacWest Bancorp by 12.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 468 shares in the last quarter. Finally, Raymond James Trust N.A. bought a new position in PacWest Bancorp during the 3rd quarter valued at $211,000. 82.48% of the stock is owned by institutional investors and hedge funds.
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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.
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