PacWest Bancorp Upgraded to Overweight at Evercore Partners (PACW)
PacWest Bancorp (NASDAQ:PACW) was upgraded by Evercore Partners from an “equal weight” rating to an “overweight” rating in a research note issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $46.00 target price on the stock, up from their previous target price of $39.00. Evercore Partners’ price objective indicates a potential upside of 7.30% from the stock’s previous close.
PacWest Bancorp (NASDAQ:PACW) traded up 4.05% on Tuesday, hitting $42.87. 908,471 shares of the company’s stock traded hands. PacWest Bancorp has a 52-week low of $25.60 and a 52-week high of $43.45. The stock has a 50-day moving average of $41.53 and a 200-day moving average of $36.45. The company has a market cap of $1.900 billion and a P/E ratio of 26.51.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Wednesday, October 16th. The company reported $0.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.49. During the same quarter last year, the company posted $0.43 earnings per share. Analysts expect that PacWest Bancorp will post $1.75 EPS for the current fiscal year.
PACW has been the subject of a number of other recent research reports. Analysts at Wunderlich raised their price target on shares of PacWest Bancorp from $42.00 to $47.00 in a research note to investors on Wednesday, December 4th. They now have a “buy” rating on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of PacWest Bancorp from $40.00 to $46.00 in a research note to investors on Tuesday, October 29th. They now have an “outperform” rating on the stock. Finally, analysts at DA Davidson raised their price target on shares of PacWest Bancorp from $36.50 to $40.00 in a research note to investors on Thursday, October 24th. They now have a “neutral” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $43.00.
PacWest Bancorp is a bank holding company. The Company’s principal business is to serve as the holding company for its wholly-owned banking subsidiary, Pacific Western Bank (NASDAQ:PACW).
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