PacWest Bancorp (PACW) Upgraded to “Hold” at BidaskClub

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BidaskClub upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a sell rating to a hold rating in a report published on Friday.

A number of other brokerages also recently issued reports on PACW. Zacks Investment Research downgraded shares of PacWest Bancorp from a hold rating to a sell rating in a report on Wednesday, December 26th. Stephens reiterated a buy rating and issued a $58.00 price target on shares of PacWest Bancorp in a report on Tuesday, October 16th. TheStreet downgraded shares of PacWest Bancorp from a b- rating to a c+ rating in a report on Monday, November 19th. BMO Capital Markets reduced their price target on shares of PacWest Bancorp from $52.00 to $50.00 and set a market perform rating on the stock in a report on Wednesday, October 17th. Finally, ValuEngine downgraded shares of PacWest Bancorp from a hold rating to a sell rating in a report on Wednesday, October 17th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. PacWest Bancorp has an average rating of Hold and an average price target of $54.38.

Shares of NASDAQ PACW opened at $36.29 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 12.43, a P/E/G ratio of 0.95 and a beta of 1.48. PacWest Bancorp has a 52-week low of $31.16 and a 52-week high of $55.86.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02. The company had revenue of $297.23 million for the quarter, compared to the consensus estimate of $301.52 million. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. During the same period in the previous year, the firm posted $0.84 EPS. On average, equities analysts forecast that PacWest Bancorp will post 3.7 earnings per share for the current year.

In other news, insider James Pieczynski purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 28th. The stock was purchased at an average cost of $39.72 per share, with a total value of $397,200.00. Following the purchase, the insider now owns 47,497 shares in the company, valued at $1,886,580.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew P. Wagner purchased 20,925 shares of the company’s stock in a transaction that occurred on Monday, October 29th. The shares were purchased at an average cost of $39.01 per share, with a total value of $816,284.25. Following the completion of the purchase, the chief executive officer now owns 530,552 shares in the company, valued at approximately $20,696,833.52. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 40,925 shares of company stock worth $1,625,784. Insiders own 1.01% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd purchased a new position in shares of PacWest Bancorp during the 2nd quarter worth about $158,000. CENTRAL TRUST Co boosted its stake in shares of PacWest Bancorp by 1,188.3% during the 4th quarter. CENTRAL TRUST Co now owns 5,746 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 5,300 shares during the period. Creative Planning purchased a new position in shares of PacWest Bancorp during the 3rd quarter worth about $200,000. GAM Holding AG purchased a new position in shares of PacWest Bancorp during the 3rd quarter worth about $208,000. Finally, Laurion Capital Management LP purchased a new position in shares of PacWest Bancorp during the 3rd quarter worth about $226,000. 88.46% of the stock is owned by hedge funds and other institutional investors.

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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