FBR & Co Reiterates “$55.00” Price Target for PacWest Bancorp (NASDAQ:PACW)
PacWest Bancorp (NASDAQ:PACW) has been given a $55.00 price objective by investment analysts at FBR & Co in a research note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the financial services provider’s stock. FBR & Co’s price objective indicates a potential upside of 13.73% from the stock’s previous close.
PACW has been the subject of several other reports. Stephens raised shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. Piper Jaffray Companies boosted their price objective on shares of PacWest Bancorp from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, April 11th. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Thursday, March 23rd. Raymond James Financial, Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 price objective for the company in a report on Thursday, April 6th. Finally, BidaskClub cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. PacWest Bancorp has a consensus rating of “Buy” and an average target price of $55.60.
PacWest Bancorp (NASDAQ:PACW) traded down 0.76% during midday trading on Wednesday, hitting $48.36. 731,006 shares of the company were exchanged. The stock has a 50 day moving average of $47.23 and a 200 day moving average of $51.34. The firm has a market capitalization of $5.87 billion, a PE ratio of 16.68 and a beta of 1.58. PacWest Bancorp has a 1-year low of $40.01 and a 1-year high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.06. The business had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. During the same period in the previous year, the company earned $0.68 earnings per share. On average, equities analysts predict that PacWest Bancorp will post $2.92 earnings per share for the current fiscal year.
In other PacWest Bancorp news, Director Craig A. Carlson sold 1,081 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $47.16, for a total value of $50,979.96. Following the completion of the transaction, the director now directly owns 6,273 shares in the company, valued at $295,834.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.98% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Oakbrook Investments LLC raised its position in PacWest Bancorp by 18.6% in the second quarter. Oakbrook Investments LLC now owns 5,100 shares of the financial services provider’s stock worth $238,000 after buying an additional 800 shares during the last quarter. State Treasurer State of Michigan raised its position in PacWest Bancorp by 1.4% in the second quarter. State Treasurer State of Michigan now owns 49,400 shares of the financial services provider’s stock worth $2,307,000 after buying an additional 700 shares during the last quarter. Aperio Group LLC raised its position in PacWest Bancorp by 34.5% in the second quarter. Aperio Group LLC now owns 74,304 shares of the financial services provider’s stock worth $3,470,000 after buying an additional 19,043 shares during the last quarter. Visionary Asset Management Inc. purchased a new position in PacWest Bancorp during the second quarter worth $303,000. Finally, Alpha Windward LLC raised its position in PacWest Bancorp by 4.6% in the second quarter. Alpha Windward LLC now owns 9,702 shares of the financial services provider’s stock worth $453,000 after buying an additional 423 shares during the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.
PacWest Bancorp Company Profile
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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