Shares of PacWest Bancorp (NASDAQ:PACW) have received a consensus recommendation of “Hold” from the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $41.00.
Several research analysts recently weighed in on PACW shares. BidaskClub cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 15th. Royal Bank of Canada started coverage on shares of PacWest Bancorp in a research report on Friday, August 23rd. They issued an “outperform” rating and a $40.00 price objective on the stock. TheStreet cut shares of PacWest Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, August 27th. Finally, Stephens restated a “buy” rating and issued a $43.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, July 16th.
In other PacWest Bancorp news, EVP Mark A. Christian sold 9,500 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $37.89, for a total transaction of $359,955.00. Following the transaction, the executive vice president now directly owns 24,781 shares in the company, valued at $938,952.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PACW. Nuveen Asset Management LLC bought a new position in PacWest Bancorp during the second quarter valued at approximately $11,982,000. Victory Capital Management Inc. grew its holdings in shares of PacWest Bancorp by 38.6% in the second quarter. Victory Capital Management Inc. now owns 905,768 shares of the financial services provider’s stock worth $35,171,000 after purchasing an additional 252,346 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of PacWest Bancorp by 4.6% in the second quarter. Wells Fargo & Company MN now owns 4,753,685 shares of the financial services provider’s stock worth $184,585,000 after purchasing an additional 208,600 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of PacWest Bancorp by 22.1% in the second quarter. Prudential Financial Inc. now owns 1,070,649 shares of the financial services provider’s stock worth $41,574,000 after purchasing an additional 193,905 shares during the last quarter. Finally, WBI Investments Inc. grew its holdings in shares of PacWest Bancorp by 197.8% in the second quarter. WBI Investments Inc. now owns 278,337 shares of the financial services provider’s stock worth $10,808,000 after purchasing an additional 184,859 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.
Shares of PACW stock traded up $0.41 during trading on Monday, hitting $37.02. The company had a trading volume of 581,128 shares, compared to its average volume of 906,996. The company has a quick ratio of 0.99, a current ratio of 0.96 and a debt-to-equity ratio of 0.35. The stock’s 50-day moving average is $36.09 and its two-hundred day moving average is $37.24. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 9.95, a price-to-earnings-growth ratio of 0.95 and a beta of 1.50. PacWest Bancorp has a 52 week low of $31.16 and a 52 week high of $42.41.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.92 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.01). The company had revenue of $285.67 million during 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 last year, the company posted $0.94 earnings per share. On average, research analysts predict that PacWest Bancorp will post 3.77 EPS for the current fiscal year.
PacWest Bancorp Company Profile
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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