ValuEngine downgraded shares of PacWest Bancorp (NASDAQ:PACW) from a buy rating to a hold rating in a research report released on Tuesday morning.
A number of other brokerages have also recently weighed in on PACW. BidaskClub upgraded shares of PacWest Bancorp from a sell rating to a hold rating in a research note on Thursday, February 8th. BMO Capital Markets reaffirmed a hold rating and set a $49.00 target price on shares of PacWest Bancorp in a report on Wednesday, December 20th. Zacks Investment Research raised PacWest Bancorp from a hold rating to a buy rating and set a $60.00 target price on the stock in a report on Wednesday, January 24th. B. Riley reaffirmed a hold rating and set a $50.00 target price on shares of PacWest Bancorp in a report on Monday, December 11th. Finally, Keefe, Bruyette & Woods reaffirmed a buy rating and set a $59.00 target price on shares of PacWest Bancorp in a report on Friday, December 22nd. Ten equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $55.18.
Shares of PacWest Bancorp (NASDAQ PACW) opened at $49.52 on Tuesday. PacWest Bancorp has a one year low of $43.08 and a one year high of $54.86. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. The firm has a market cap of $6,500.21, a PE ratio of 16.96, a P/E/G ratio of 1.50 and a beta of 1.45.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. The company had revenue of $289.75 million for the quarter, compared to the consensus estimate of $297.74 million. During the same quarter in the prior year, the firm earned $0.71 earnings per share. research analysts predict that PacWest Bancorp will post 3.46 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Friday, February 16th. PacWest Bancorp’s payout ratio is currently 68.49%.
PacWest Bancorp declared that its Board of Directors has authorized a share buyback program on Friday, February 16th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.98% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. SWS Partners purchased a new position in PacWest Bancorp in the 4th quarter worth about $110,000. Captrust Financial Advisors purchased a new position in PacWest Bancorp in the 4th quarter worth about $111,000. Steward Partners Investment Advisory LLC purchased a new position in PacWest Bancorp in the 3rd quarter worth about $122,000. Cerebellum GP LLC purchased a new position in PacWest Bancorp in the 4th quarter worth about $135,000. Finally, Bessemer Group Inc. purchased a new position in PacWest Bancorp in the 4th quarter worth about $144,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.
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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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