PacWest Bancorp (NASDAQ:PACW) Rating Lowered to Sell at BidaskClub

PacWest Bancorp (NASDAQ:PACW) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Saturday, BidAskClub reports.

A number of other research analysts also recently commented on the company. Zacks Investment Research downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 15th. SunTrust Banks lowered their price objective on PacWest Bancorp from $40.00 to $39.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. TheStreet downgraded PacWest Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, August 27th. ValuEngine upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 12th. Finally, Royal Bank of Canada assumed coverage on PacWest Bancorp in a research note on Friday, August 23rd. They set an “outperform” rating and a $40.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $41.67.

PACW traded down $0.92 during trading on Friday, reaching $37.85. 1,285,477 shares of the company were exchanged, compared to its average volume of 878,234. The stock has a market cap of $4.60 billion, a P/E ratio of 10.17, a PEG ratio of 1.03 and a beta of 1.50. The firm has a 50 day moving average of $37.30 and a 200 day moving average of $37.10. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.35. PacWest Bancorp has a 52 week low of $31.16 and a 52 week high of $41.60.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.92 EPS for the quarter, missing the Zacks’ consensus estimate of $0.93 by ($0.01). The company had revenue of $285.67 million for the quarter, compared to the consensus estimate of $290.49 million. PacWest Bancorp had a return on equity of 9.61% and a net margin of 33.80%. During the same quarter in the previous year, the company earned $0.94 earnings per share. As a group, analysts forecast that PacWest Bancorp will post 3.77 earnings per share for the current fiscal year.

In other PacWest Bancorp news, EVP Mark A. Christian sold 9,500 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $37.89, for a total transaction of $359,955.00. Following the completion of the transaction, the executive vice president now owns 24,781 shares in the company, valued at approximately $938,952.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.18% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. BTC Capital Management Inc. acquired a new position in PacWest Bancorp during the 2nd quarter worth $3,221,000. Meeder Asset Management Inc. lifted its holdings in shares of PacWest Bancorp by 10.0% in the second quarter. Meeder Asset Management Inc. now owns 9,644 shares of the financial services provider’s stock valued at $375,000 after buying an additional 873 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of PacWest Bancorp by 17.5% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 111,440 shares of the financial services provider’s stock valued at $32,076,000 after buying an additional 16,637 shares during the period. Sippican Capital Advisors lifted its holdings in shares of PacWest Bancorp by 21.7% in the second quarter. Sippican Capital Advisors now owns 11,228 shares of the financial services provider’s stock valued at $436,000 after buying an additional 2,000 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of PacWest Bancorp by 21.1% in the third quarter. First Trust Advisors LP now owns 887,769 shares of the financial services provider’s stock valued at $32,262,000 after buying an additional 154,735 shares during the period. Institutional investors own 82.25% of the company’s stock.

About PacWest Bancorp

PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.

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Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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