PacWest Bancorp Stock Rating Upgraded by FBR Capital Markets (PACW)
PacWest Bancorp (NASDAQ:PACW) was upgraded by equities researchers at FBR Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Monday, Analyst Ratings Network.com reports. The firm currently has a $47.00 target price on the stock. FBR Capital Markets’ price objective suggests a potential upside of 19.26% from the stock’s previous close.
Separately, analysts at Ned Davis Research upgraded shares of PacWest Bancorp from a “sell” rating to a “neutral” rating in a research note on Monday, April 21st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. PacWest Bancorp currently has a consensus rating of “Buy” and an average price target of $44.67.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 39.41 on Monday. PacWest Bancorp has a 52-week low of $27.46 and a 52-week high of $47.37. The stock has a 50-day moving average of $41.65 and a 200-day moving average of $41.30. The company has a market cap of $1.761 billion and a price-to-earnings ratio of 30.20. PacWest Bancorp also saw a significant decline in short interest in the month of April. As of April 30th, there was short interest totalling 3,223,361 shares, a decline of 28.9% from the April 15th total of 4,536,394 shares. Approximately 8.5% of the company’s shares are short sold. Based on an average daily volume of 948,676 shares, the days-to-cover ratio is currently 3.4 days.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.55 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.07. During the same quarter last year, the company posted $0.37 earnings per share. On average, analysts predict that PacWest Bancorp will post $2.49 earnings per share for the current fiscal year.
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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