Zacks Investment Research upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a hold rating to a buy rating in a research report released on Wednesday. They currently have $55.00 price target on the financial services provider’s stock.
According to Zacks, “PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank (the Bank). The Company provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. PacWest offers additional products and services through its CapitalSource and Square 1 Bank divisions. Its CapitalSource Division provides asset-based, equipment, real estate and security cash flow loans and treasury management services to established middle market businesses on a national basis. Its Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. “
Several other brokerages have also commented on PACW. B. Riley reissued a neutral rating and set a $55.00 price target (up previously from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. BMO Capital Markets boosted their price target on PacWest Bancorp to $56.00 and gave the stock a market perform rating in a research note on Friday, January 19th. DA Davidson reissued a buy rating and set a $59.00 price target on shares of PacWest Bancorp in a research note on Friday, January 19th. BidaskClub lowered PacWest Bancorp from a hold rating to a sell rating in a research note on Wednesday, January 31st. Finally, ValuEngine lowered PacWest Bancorp from a buy rating to a hold rating in a research note on Tuesday, March 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $54.73.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.08). The business had revenue of $289.75 million during the quarter, compared to analysts’ expectations of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same period in the prior year, the firm posted $0.71 EPS. analysts expect that PacWest Bancorp will post 3.46 EPS for the current year.
PacWest Bancorp announced that its board has initiated a share repurchase plan 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 reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.98% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in PacWest Bancorp by 5.0% in the 4th quarter. BlackRock Inc. now owns 13,945,196 shares of the financial services provider’s stock valued at $702,839,000 after buying an additional 659,918 shares in the last quarter. Wells Fargo & Company MN lifted its stake in PacWest Bancorp by 10.8% in the 4th quarter. Wells Fargo & Company MN now owns 4,815,057 shares of the financial services provider’s stock valued at $242,679,000 after buying an additional 468,841 shares in the last quarter. Janus Henderson Group PLC lifted its stake in PacWest Bancorp by 34.1% in the 3rd quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock valued at $157,610,000 after buying an additional 794,113 shares in the last quarter. Millennium Management LLC lifted its stake in PacWest Bancorp by 66.5% in the 4th quarter. Millennium Management LLC now owns 2,747,060 shares of the financial services provider’s stock valued at $138,452,000 after buying an additional 1,097,347 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in PacWest Bancorp by 10.1% in the 4th quarter. Bank of New York Mellon Corp now owns 2,104,911 shares of the financial services provider’s stock valued at $106,088,000 after buying an additional 192,737 shares in the last quarter. 88.04% 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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