PacWest Bancorp (NASDAQ:PACW) has received a consensus rating of “Hold” from the sixteen brokerages that are covering the firm, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $53.18.
A number of equities research analysts have issued reports on the company. UBS Group downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. BMO Capital Markets restated a “hold” rating and set a $49.00 price objective on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Keefe, Bruyette & Woods restated a “buy” rating and set a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, December 22nd. Finally, FBR & Co downgraded PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Wednesday, October 18th.
PacWest Bancorp (PACW) traded up $0.28 during trading hours on Tuesday, hitting $50.80. The company had a trading volume of 742,500 shares, compared to its average volume of 939,600. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $6,520.00, a P/E ratio of 17.16, a P/E/G ratio of 1.59 and a beta of 1.59. PacWest Bancorp has a 12 month low of $43.08 and a 12 month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $281.14 million. During the same period in the previous year, the business earned $0.77 earnings per share. equities research analysts predict that PacWest Bancorp will post 3 earnings per share for the current year.
PacWest Bancorp announced that its Board of Directors has initiated a share repurchase plan 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 purchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other PacWest Bancorp news, CFO Patrick J. Rusnak bought 2,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the purchase, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. grew its stake in shares of PacWest Bancorp by 86.1% during the third quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock valued at $56,907,000 after buying an additional 521,327 shares during the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of PacWest Bancorp by 7.1% during the third quarter. Parametric Portfolio Associates LLC now owns 579,527 shares of the financial services provider’s stock valued at $29,272,000 after buying an additional 38,583 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of PacWest Bancorp during the third quarter valued at approximately $122,000. Public Employees Retirement System of Ohio grew its stake in shares of PacWest Bancorp by 106.1% during the third quarter. Public Employees Retirement System of Ohio now owns 92,292 shares of the financial services provider’s stock valued at $4,662,000 after buying an additional 47,511 shares during the last quarter. Finally, GSA Capital Partners LLP grew its stake in shares of PacWest Bancorp by 36.6% during the third quarter. GSA Capital Partners LLP now owns 10,600 shares of the financial services provider’s stock valued at $535,000 after buying an additional 2,839 shares during the last quarter. 82.37% of the stock is currently owned by hedge funds and other 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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