DA Davidson upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a neutral rating to a buy rating in a report issued on Thursday, September 7th, MarketBeat Ratings reports. DA Davidson currently has $53.00 price objective on the financial services provider’s stock.
Several other equities research analysts have also weighed in on the stock. BidaskClub lowered shares of PacWest Bancorp from a hold rating to a sell rating in a report on Saturday, June 24th. Zacks Investment Research raised shares of PacWest Bancorp from a sell rating to a hold rating in a research report on Saturday, July 22nd. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the company a buy rating in a research report on Wednesday, July 19th. Wedbush reaffirmed a neutral rating and set a $49.00 target price on shares of PacWest Bancorp in a report on Tuesday, June 27th. Finally, BMO Capital Markets reiterated a hold rating and issued a $55.00 price objective on shares of PacWest Bancorp in a research note on Friday, May 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $54.73.
PacWest Bancorp (NASDAQ PACW) opened at 45.68 on Thursday. PacWest Bancorp has a 52 week low of $41.10 and a 52 week high of $57.53. The firm has a market capitalization of $5.48 billion, a P/E ratio of 15.77 and a beta of 1.59. The firm has a 50-day moving average price of $45.79 and a 200-day moving average price of $48.81.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. The firm had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. During the same period in the prior year, the firm earned $0.68 earnings per share. Equities analysts forecast that PacWest Bancorp will post $2.95 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, August 21st were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend was Thursday, August 17th. PacWest Bancorp’s dividend payout ratio is 68.97%.
A number of hedge funds have recently added to or reduced their stakes in PACW. BlackRock Inc. increased its position in PacWest Bancorp by 8,223.2% during the 1st quarter. BlackRock Inc. now owns 13,143,190 shares of the financial services provider’s stock worth $700,008,000 after purchasing an additional 12,985,280 shares in the last quarter. Janus Henderson Group PLC acquired a new position in PacWest Bancorp during the 2nd quarter worth approximately $108,636,000. Principal Financial Group Inc. increased its position in PacWest Bancorp by 112.6% during the 2nd quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock worth $157,801,000 after purchasing an additional 1,789,571 shares in the last quarter. Koch Industries Inc. increased its position in PacWest Bancorp by 30,853.3% during the 2nd quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock worth $1,313,000 after purchasing an additional 1,337,180 shares in the last quarter. Finally, State Street Corp increased its position in PacWest Bancorp by 15.0% during the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after purchasing an additional 771,015 shares in the last quarter. Institutional investors and hedge funds own 88.75% 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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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