PacWest Bancorp (PACW) Given Consensus Recommendation of “Buy” by Analysts
PacWest Bancorp (NASDAQ:PACW) has earned an average recommendation of “Buy” from the twelve brokerages that are presently covering the firm. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $54.86.
A number of research analysts have commented on PACW shares. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $55.00 price target on shares of PacWest Bancorp in a research report on Thursday. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Thursday, March 23rd. Stephens reissued a “hold” rating and issued a $56.00 target price on shares of PacWest Bancorp in a research report on Monday, April 17th. FBR & Co reissued an “outperform” rating and issued a $55.00 target price (down previously from $62.00) on shares of PacWest Bancorp in a research report on Monday, April 17th. Finally, Piper Jaffray Companies decreased their target price on PacWest Bancorp from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Wednesday, April 19th.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 47.10 on Monday. The firm has a market cap of $5.57 billion, a PE ratio of 16.82 and a beta of 1.51. PacWest Bancorp has a 52 week low of $35.56 and a 52 week high of $57.53. The firm has a 50-day moving average price of $50.14 and a 200-day moving average price of $52.51.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Monday, April 17th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by $0.07. The business had revenue of $267.57 million for the quarter, compared to the consensus estimate of $272.30 million. PacWest Bancorp had a net margin of 31.11% and a return on equity of 7.81%. During the same period in the previous year, the company earned $0.74 EPS. On average, equities research analysts predict that PacWest Bancorp will post $2.85 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 22nd will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.25%. The ex-dividend date is Thursday, May 18th. PacWest Bancorp’s dividend payout ratio is currently 68.97%.
In other news, CEO Matthew P. Wagner bought 2,072 shares of the firm’s stock in a transaction dated Wednesday, April 19th. The stock was purchased at an average price of $47.75 per share, with a total value of $98,938.00. Following the transaction, the chief executive officer now owns 528,934 shares of the company’s stock, valued at $25,256,598.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Patrick J. Rusnak bought 2,000 shares of the firm’s stock in a transaction dated Wednesday, April 19th. The stock was purchased at an average cost of $47.75 per share, with a total value of $95,500.00. Following the transaction, the chief financial officer now directly owns 81,349 shares in the company, valued at approximately $3,884,414.75. The disclosure for this purchase can be found here. Insiders bought a total of 4,572 shares of company stock valued at $218,398 in the last three months. Corporate insiders own 1.43% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in PacWest Bancorp by 8,223.2% in the first quarter. BlackRock Inc. now owns 13,143,190 shares of the financial services provider’s stock worth $700,008,000 after buying an additional 12,985,280 shares during the period. Vanguard Group Inc. raised its position in PacWest Bancorp by 6.3% in the first quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock worth $527,062,000 after buying an additional 583,193 shares during the period. Capital World Investors raised its position in PacWest Bancorp by 16.5% in the third quarter. Capital World Investors now owns 8,031,589 shares of the financial services provider’s stock worth $344,635,000 after buying an additional 1,140,000 shares during the period. FMR LLC raised its position in PacWest Bancorp by 17.1% in the fourth quarter. FMR LLC now owns 5,151,820 shares of the financial services provider’s stock worth $280,465,000 after buying an additional 752,242 shares during the period. Finally, State Street Corp raised its position in PacWest Bancorp by 3.7% in the first quarter. State Street Corp now owns 5,138,069 shares of the financial services provider’s stock worth $273,659,000 after buying an additional 184,578 shares during the period. 88.33% of the stock is owned by institutional investors.
About PacWest Bancorp
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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