PacWest Bancorp (NASDAQ:PACW) was downgraded by stock analysts at UBS AG from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday, November 1st, The Fly reports.
A number of other brokerages have also recently issued reports on PACW. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 19th. BidaskClub cut shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $49.00 target price on shares of PacWest Bancorp in a research note on Thursday, October 12th. Finally, BMO Capital Markets cut their target price on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a research note on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. PacWest Bancorp currently has an average rating of “Hold” and a consensus target price of $53.00.
PacWest Bancorp (NASDAQ:PACW) opened at $45.70 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $57.53. The firm has a market cap of $5,822.74, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 1.52 and a beta of 1.60.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period last year, the firm earned $0.77 earnings per share. sell-side analysts predict that PacWest Bancorp will post 2.96 EPS for the current fiscal year.
PacWest Bancorp announced that its board has initiated a stock buyback program on Thursday, November 16th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
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In other news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction dated Thursday, October 19th. The stock was purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the acquisition, the chief financial officer now owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.98% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PACW. Janus Henderson Group PLC bought a new stake in shares of PacWest Bancorp in the 2nd quarter valued at about $108,636,000. Principal Financial Group Inc. raised its holdings in shares of PacWest Bancorp by 112.6% in the 2nd quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after purchasing an additional 1,789,571 shares in the last quarter. Koch Industries Inc. raised its holdings in shares of PacWest Bancorp by 30,853.3% in the 2nd quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock valued at $1,313,000 after purchasing an additional 1,337,180 shares in the last quarter. State Street Corp raised its holdings in shares of PacWest Bancorp by 15.0% in the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after purchasing an additional 771,015 shares in the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of PacWest Bancorp by 86.1% in the 3rd quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock valued at $56,907,000 after purchasing an additional 521,327 shares in the last quarter. Institutional investors own 82.93% of the company’s stock.
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 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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