PacWest Bancorp (NASDAQ:PACW) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Friday.
PACW has been the topic of several other research reports. DA Davidson reissued a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, January 19th. ValuEngine lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, March 20th. BMO Capital Markets raised their price target on shares of PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a research note on Friday, January 19th. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. Finally, Raymond James upgraded shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a research note on Tuesday, April 10th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $54.73.
PacWest Bancorp stock opened at $53.87 on Friday. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $54.96. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 1.49 and a beta of 1.46.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, April 17th. The financial services provider reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.13. PacWest Bancorp had a net margin of 32.53% and a return on equity of 8.34%. The firm had revenue of $295.06 million for the quarter, compared to analysts’ expectations of $288.49 million. During the same quarter last year, the firm earned $0.65 EPS. sell-side analysts expect that PacWest Bancorp will post 3.68 earnings per share for the current fiscal year.
PacWest Bancorp announced that its Board of Directors has initiated a stock buyback program on Friday, February 16th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other PacWest Bancorp news, Director Mark Yung acquired 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Wednesday, May 2nd. The stock was acquired at an average cost of $52.27 per share, for a total transaction of $104,540.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, insider James Pieczynski sold 60,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, May 3rd. The shares were sold at an average price of $51.14, for a total transaction of $3,068,400.00. The disclosure for this sale can be found here. Company insiders own 1.01% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement Association of Colorado grew its stake in PacWest Bancorp by 0.4% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 288,415 shares of the financial services provider’s stock valued at $14,536,000 after buying an additional 1,023 shares in the last quarter. Suntrust Banks Inc. grew its stake in PacWest Bancorp by 1.9% in the 4th quarter. Suntrust Banks Inc. now owns 54,746 shares of the financial services provider’s stock valued at $2,758,000 after buying an additional 1,024 shares in the last quarter. State Treasurer State of Michigan grew its stake in PacWest Bancorp by 2.4% in the 4th quarter. State Treasurer State of Michigan now owns 46,300 shares of the financial services provider’s stock valued at $2,334,000 after buying an additional 1,100 shares in the last quarter. OppenheimerFunds Inc. grew its stake in PacWest Bancorp by 3.1% in the 4th quarter. OppenheimerFunds Inc. now owns 42,243 shares of the financial services provider’s stock valued at $2,129,000 after buying an additional 1,268 shares in the last quarter. Finally, First Mercantile Trust Co. grew its stake in PacWest Bancorp by 94.1% in the 1st quarter. First Mercantile Trust Co. now owns 2,651 shares of the financial services provider’s stock valued at $131,000 after buying an additional 1,285 shares in the last quarter. Institutional investors and hedge funds own 87.98% of the company’s stock.
PacWest Bancorp Company Profile
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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