PacWest Bancorp (NASDAQ:PACW) has been given a consensus rating of “Buy” by the fourteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $54.70.
Several equities research analysts recently issued reports on PACW shares. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $59.00 price target on shares of PacWest Bancorp in a research note on Friday, December 22nd. DA Davidson reaffirmed a “buy” rating and set a $59.00 price target on shares of PacWest Bancorp in a research note on Friday, January 19th. SunTrust Banks reaffirmed a “hold” rating and set a $54.00 price target on shares of PacWest Bancorp in a research note on Tuesday, January 9th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $49.00 price target on shares of PacWest Bancorp in a research note on Wednesday, December 20th.
PacWest Bancorp stock traded up $0.69 during midday trading on Thursday, hitting $49.59. 1,962,150 shares of the stock were exchanged, compared to its average volume of 823,011. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $54.86. The company has a market capitalization of $6,083.74, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. 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 released 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 firm had revenue of $289.75 million for the quarter, compared to analysts’ expectations of $297.74 million. During the same period last year, the firm earned $0.71 EPS. analysts forecast that PacWest Bancorp will post 3.49 earnings per share for the current fiscal year.
PacWest Bancorp declared that its board has approved a stock buyback plan on Friday, February 16th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.01% of the company’s stock.
Several large investors have recently modified their holdings of PACW. SWS Partners acquired a new stake in shares of PacWest Bancorp during the fourth quarter valued at approximately $110,000. Captrust Financial Advisors acquired a new position in PacWest Bancorp in the 4th quarter valued at approximately $111,000. Steward Partners Investment Advisory LLC acquired a new position in PacWest Bancorp in the 3rd quarter valued at approximately $122,000. Cerebellum GP LLC acquired a new position in PacWest Bancorp in the 4th quarter valued at approximately $135,000. Finally, Bessemer Group Inc. acquired a new position in PacWest Bancorp in the 4th quarter valued at approximately $144,000. 88.47% 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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