PacWest Bancorp (PACW) Rating Lowered to Hold at Zacks Investment Research

PacWest Bancorp (PACW) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of PacWest Bancorp (NASDAQ:PACW) from a buy rating to a hold rating in a research report report published on Wednesday morning.

According to Zacks, “PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank (the Bank). The Company provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. PacWest offers additional products and services through its CapitalSource and Square 1 Bank divisions. Its CapitalSource Division provides asset-based, equipment, real estate and security cash flow loans and treasury management services to established middle market businesses on a national basis. Its Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. “

A number of other research analysts also recently commented on PACW. Raymond James Financial downgraded shares of PacWest Bancorp from a strong-buy rating to an outperform rating in a research note on Tuesday, October 17th. Piper Jaffray Companies reiterated a buy rating and set a $54.00 price objective on shares of PacWest Bancorp in a research note on Thursday, October 19th. UBS Group downgraded shares of PacWest Bancorp from an outperform rating to a market perform rating in a research note on Wednesday, November 1st. BMO Capital Markets reduced their price objective on shares of 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. Finally, SunTrust Banks reiterated a hold rating and set a $54.00 price objective on shares of PacWest Bancorp in a research note on Tuesday, January 9th. Ten analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $55.18.

PacWest Bancorp (NASDAQ PACW) opened at $54.40 on Wednesday. The firm has a market cap of $7,070.00, a price-to-earnings ratio of 18.69, a PEG ratio of 1.56 and a beta of 1.51. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19. 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 Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). The firm had revenue of $289.75 million during the quarter, compared to analysts’ expectations of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same quarter last year, the company posted $0.71 earnings per share. analysts anticipate that PacWest Bancorp will post 3.46 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.68%. PacWest Bancorp’s dividend payout ratio (DPR) is 68.73%.

PacWest Bancorp announced that its Board of Directors has authorized a share buyback program on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.98% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of PACW. AHL Partners LLP raised its holdings in shares of PacWest Bancorp by 119.5% during the second quarter. AHL Partners LLP now owns 8,949 shares of the financial services provider’s stock worth $418,000 after purchasing an additional 4,872 shares during the period. Bank of Nova Scotia acquired a new stake in shares of PacWest Bancorp during the second quarter worth $1,742,000. 1st Global Advisors Inc. raised its holdings in shares of PacWest Bancorp by 3.4% during the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 169 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of PacWest Bancorp by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 44,781 shares of the financial services provider’s stock worth $2,091,000 after purchasing an additional 408 shares during the period. Finally, Sit Investment Associates Inc. raised its holdings in shares of PacWest Bancorp by 61.0% during the third quarter. Sit Investment Associates Inc. now owns 42,390 shares of the financial services provider’s stock worth $2,141,000 after purchasing an additional 16,065 shares during the period. 82.27% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION NOTICE: “PacWest Bancorp (PACW) Rating Lowered to Hold at Zacks Investment Research” was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this piece on another publication, it was illegally copied and reposted in violation of US & international trademark and copyright legislation. The legal version of this piece can be read at https://www.dispatchtribunal.com/2018/02/18/pacwest-bancorp-pacw-rating-lowered-to-hold-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on PacWest Bancorp (PACW)

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Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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Zacks Investment Research lowered shares of PacWest Bancorp (NASDAQ:PACW) from a buy rating to a hold rating in a report issued on Wednesday morning.

According to Zacks, “PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank (the Bank). The Company provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. PacWest offers additional products and services through its CapitalSource and Square 1 Bank divisions. Its CapitalSource Division provides asset-based, equipment, real estate and security cash flow loans and treasury management services to established middle market businesses on a national basis. Its Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. “

A number of other equities analysts have also weighed in on the stock. BidaskClub raised shares of PacWest Bancorp from a sell rating to a hold rating in a research report on Thursday, February 8th. B. Riley reissued a neutral rating and issued a $55.00 price objective (up previously from $52.00) on shares of PacWest Bancorp in a research report on Monday, January 22nd. BMO Capital Markets boosted their price objective on shares of PacWest Bancorp to $56.00 and gave the company a market perform rating in a research report on Friday, January 19th. DA Davidson reissued a buy rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, January 19th. Finally, SunTrust Banks reissued a hold rating and issued a $54.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, January 9th. Ten research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $55.18.

Shares of PacWest Bancorp (NASDAQ PACW) opened at $54.40 on Wednesday. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The stock has a market cap of $7,070.00, a PE ratio of 18.69, a price-to-earnings-growth ratio of 1.56 and a beta of 1.51. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. The business had revenue of $289.75 million during the quarter, compared to analysts’ expectations of $297.74 million. During the same period last year, the company earned $0.71 EPS. equities research analysts expect that PacWest Bancorp will post 3.46 EPS for the current fiscal year.

PacWest Bancorp declared that its Board of Directors has approved a stock repurchase program on Thursday, November 16th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Friday, February 16th. PacWest Bancorp’s dividend payout ratio (DPR) is 68.73%.

In related news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.98% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Bank of Nova Scotia acquired a new stake in shares of PacWest Bancorp in the second quarter worth $1,742,000. Crestline Management LP increased its position in shares of PacWest Bancorp by 1,500.0% in the third quarter. Crestline Management LP now owns 96,000 shares of the financial services provider’s stock worth $4,849,000 after acquiring an additional 90,000 shares in the last quarter. WESPAC Advisors LLC increased its position in shares of PacWest Bancorp by 5.5% in the third quarter. WESPAC Advisors LLC now owns 36,297 shares of the financial services provider’s stock worth $1,833,000 after acquiring an additional 1,907 shares in the last quarter. TIAA FSB acquired a new stake in shares of PacWest Bancorp in the third quarter worth $674,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of PacWest Bancorp in the third quarter worth $313,000. 82.27% of the stock is owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY WARNING: “PacWest Bancorp (PACW) Rating Lowered to Hold at Zacks Investment Research” was originally reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this story on another publication, it was copied illegally and republished in violation of United States and international copyright & trademark laws. The original version of this story can be accessed at https://www.dispatchtribunal.com/2018/02/18/pacwest-bancorp-pacw-rating-lowered-to-hold-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on PacWest Bancorp (PACW)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

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