PacWest Bancorp (NASDAQ:PACW) Upgraded to “Hold” by Zacks Investment Research
PacWest Bancorp (NASDAQ:PACW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday.
According to Zacks, “PACWEST BANCORP, formerly First Community Bancorp, with one wholly-owned banking subsidiary, Pacific Western Bank. Through sixty full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. “
PACW has been the topic of a number of other research reports. ValuEngine raised PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Raymond James Financial, Inc. raised PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research note on Thursday, April 6th. Citigroup Inc. raised PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, April 6th. Stephens reissued a “buy” rating and issued a $56.00 price objective on shares of PacWest Bancorp in a research note on Friday, July 14th. Finally, Piper Jaffray Companies boosted their price objective on PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $55.60.
PacWest Bancorp (PACW) opened at 48.36 on Friday. PacWest Bancorp has a one year low of $40.01 and a one year high of $57.53. The stock’s 50 day moving average price is $47.23 and its 200-day moving average price is $51.34. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 17.27 and a beta of 1.58.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. The company had revenue of $277.76 million for the quarter, compared to analyst estimates of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same quarter in the previous year, the firm earned $0.68 earnings per share. On average, equities research analysts anticipate that PacWest Bancorp will post $2.92 earnings per share for the current fiscal year.
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In other news, Director Craig A. Carlson sold 1,081 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total transaction of $50,979.96. Following the transaction, the director now owns 6,273 shares of the company’s stock, valued at $295,834.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.98% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake 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 in the last quarter. Vanguard Group Inc. increased its stake 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 in the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in PacWest Bancorp during the first quarter worth approximately $19,338,000. First Trust Advisors LP increased its stake in PacWest Bancorp by 61.5% in the first quarter. First Trust Advisors LP now owns 817,847 shares of the financial services provider’s stock worth $43,559,000 after buying an additional 311,314 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in PacWest Bancorp by 133.9% in the first quarter. Renaissance Technologies LLC now owns 425,653 shares of the financial services provider’s stock worth $22,670,000 after buying an additional 243,700 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors and hedge funds.
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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