PacWest Bancorp (PACW) Given Consensus Rating of “Buy” by Brokerages
Shares of PacWest Bancorp (NASDAQ:PACW) have received a consensus recommendation of “Buy” from the thirteen analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $54.88.
A number of research analysts recently issued reports on the company. Zacks Investment Research cut PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, April 11th. BMO Capital Markets reaffirmed a “hold” rating and issued a $55.00 price target on shares of PacWest Bancorp in a report on Friday, May 26th. Piper Jaffray Companies lifted their price target on PacWest Bancorp from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, April 11th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $55.00 price target on shares of PacWest Bancorp in a report on Tuesday, April 18th. Finally, Stephens reaffirmed a “hold” rating and issued a $56.00 price target on shares of PacWest Bancorp in a report on Monday, April 17th.
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PacWest Bancorp (NASDAQ PACW) traded down 0.86% during mid-day trading on Friday, hitting $48.43. 140,238 shares of the company were exchanged. The stock’s 50 day moving average is $48.46 and its 200-day moving average is $52.52. PacWest Bancorp has a 12-month low of $35.56 and a 12-month high of $57.53. The company has a market cap of $5.73 billion, a price-to-earnings ratio of 17.30 and a beta of 1.56.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Monday, April 17th. The financial services provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by $0.07. PacWest Bancorp had a net margin of 30.38% and a return on equity of 7.52%. The firm had revenue of $267.57 million during the quarter, compared to analyst estimates of $272.30 million. During the same quarter in the prior year, the firm posted $0.74 EPS. Equities research analysts predict that PacWest Bancorp will post $2.84 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Monday, May 22nd were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, May 18th. This represents a $2.00 annualized dividend and a yield of 4.09%. PacWest Bancorp’s dividend payout ratio is currently 71.17%.
In other PacWest Bancorp news, Director Craig A. Carlson sold 1,081 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $47.16, for a total transaction of $50,979.96. Following the completion of the sale, the director now directly owns 6,273 shares of the company’s stock, valued at approximately $295,834.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew P. Wagner acquired 2,072 shares of the company’s stock in a transaction on Wednesday, April 19th. The shares were purchased at an average cost of $47.75 per share, with a total value of $98,938.00. Following the completion of the acquisition, the chief executive officer now directly owns 528,934 shares in the company, valued at approximately $25,256,598.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 4,572 shares of company stock valued at $218,398 over the last three months. Company insiders own 0.98% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of 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 valued at $700,008,000 after buying an additional 12,985,280 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 valued at $527,062,000 after buying an additional 583,193 shares in the last quarter. FMR LLC boosted its stake in shares of PacWest Bancorp by 17.1% in the fourth quarter. FMR LLC now owns 5,151,820 shares of the financial services provider’s stock valued at $280,465,000 after buying an additional 752,242 shares in the last quarter. State Street Corp boosted its stake in shares of 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 valued at $273,659,000 after buying an additional 184,578 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of PacWest Bancorp by 0.7% in the first quarter. Wells Fargo & Company MN now owns 3,658,057 shares of the financial services provider’s stock valued at $194,829,000 after buying an additional 25,431 shares in the last quarter. 88.71% of the stock is owned by hedge funds and other 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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