SunTrust Banks reissued their hold rating on shares of PacWest Bancorp (NASDAQ:PACW) in a research report sent to investors on Tuesday. SunTrust Banks currently has a $54.00 price target on the financial services provider’s stock. 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 analysts have also issued reports about the company. Piper Jaffray Companies reiterated a buy rating and issued a $54.00 price objective on shares of PacWest Bancorp in a research report on Thursday, October 19th. Keefe, Bruyette & Woods reiterated a buy rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, December 22nd. Zacks Investment Research upgraded PacWest Bancorp from a sell rating to a hold rating in a research report on Friday, October 20th. BMO Capital Markets reiterated a hold rating and issued a $49.00 price objective on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Finally, BidaskClub upgraded 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, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $53.64.
Shares of PacWest Bancorp (NASDAQ PACW) traded up $0.37 during trading hours on Tuesday, hitting $53.01. The stock had a trading volume of 662,698 shares, compared to its average volume of 840,266. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $57.53. The firm has a market capitalization of $6,840.00, a price-to-earnings ratio of 17.91, a PEG ratio of 1.60 and a beta of 1.59. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The company had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. During the same period last year, the company posted $0.77 earnings per share. analysts predict that PacWest Bancorp will post 3 EPS for the current fiscal year.
PacWest Bancorp declared that its Board of Directors has initiated a share buyback program on Thursday, November 16th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of PacWest Bancorp stock in a transaction on Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the acquisition, the chief financial officer now owns 77,852 shares in the company, valued at $3,652,815.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.98% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new position in PacWest Bancorp during the third quarter worth about $122,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in PacWest Bancorp by 12.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after buying an additional 468 shares during the last quarter. Raymond James Trust N.A. bought a new position in PacWest Bancorp during the third quarter worth about $211,000. CIBC Asset Management Inc bought a new position in PacWest Bancorp during the third quarter worth about $213,000. Finally, 1st Global Advisors Inc. boosted its holdings in 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 buying an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 82.37% of the company’s stock.
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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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