PacWest Bancorp (NASDAQ:PACW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, July 22nd.
According to Zacks, “PACWEST BANCORP, formerly First Community Bancorp, with one wholly-owned banking subsidiary, Pacific Western Bank. Through sixty full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. “
PACW has been the topic of a number of other reports. UBS AG raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, April 6th. BMO Capital Markets reissued a “hold” rating and set a $55.00 target price on shares of PacWest Bancorp in a research report on Friday, May 26th. Piper Jaffray Companies boosted their target price on shares of PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 11th. ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $55.00 price target on shares of PacWest Bancorp in a report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company’s stock. PacWest Bancorp currently has an average rating of “Buy” and a consensus price target of $55.00.
Shares of PacWest Bancorp (NASDAQ:PACW) traded down 0.41% during mid-day trading on Friday, reaching $43.95. 1,021,516 shares of the company’s stock traded hands. The company’s 50-day moving average price is $47.19 and its 200-day moving average price is $50.24. The stock has a market capitalization of $5.28 billion, a PE ratio of 15.18 and a beta of 1.58. PacWest Bancorp has a 12-month low of $41.10 and a 12-month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.06. The firm had revenue of $277.76 million during the quarter, compared to the consensus estimate of $272.57 million. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. During the same period in the previous year, the firm earned $0.68 earnings per share. Analysts anticipate that PacWest Bancorp will post $2.95 earnings per share for the current year.
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In related news, Director Craig A. Carlson sold 1,081 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total value of $50,979.96. Following the transaction, the director now owns 6,273 shares in the company, valued at $295,834.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.98% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of PacWest Bancorp by 3.1% in the second quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock valued at $632,700,000 after buying an additional 404,986 shares during the period. Vanguard Group Inc. boosted its position in shares of PacWest Bancorp by 1.4% in the second quarter. Vanguard Group Inc. now owns 10,032,383 shares of the financial services provider’s stock valued at $468,512,000 after buying an additional 136,352 shares during the period. State Street Corp raised its position in PacWest Bancorp by 15.0% in the second quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after buying an additional 771,015 shares in the last quarter. Wells Fargo & Company MN raised its position in PacWest Bancorp by 10.9% in the second quarter. Wells Fargo & Company MN now owns 4,054,991 shares of the financial services provider’s stock valued at $189,368,000 after buying an additional 396,934 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in PacWest Bancorp by 112.6% in the second quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after buying an additional 1,789,571 shares in the last quarter. 88.07% of the stock is owned by hedge funds and other institutional investors.
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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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