PacWest Bancorp (NASDAQ:PACW) – Investment analysts at DA Davidson increased their FY2017 earnings per share (EPS) estimates for PacWest Bancorp in a note issued to investors on Wednesday. DA Davidson analyst G. Tenner now expects that the financial services provider will post earnings per share of $3.03 for the year, up from their prior estimate of $2.95. DA Davidson currently has a “Buy” rating and a $53.00 target price on the stock.

PACW has been the topic of several other research reports. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. UBS AG cut PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. ValuEngine cut PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Finally, Raymond James Financial, Inc. cut their price objective on PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. PacWest Bancorp currently has an average rating of “Buy” and an average target price of $53.00.

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Shares of PacWest Bancorp (NASDAQ:PACW) opened at 47.99 on Monday. The firm has a market cap of $5.83 billion, a P/E ratio of 16.21 and a beta of 1.62. PacWest Bancorp has a one year low of $41.28 and a one year high of $57.53. The firm’s 50-day moving average price is $47.50 and its 200 day moving average price is $47.81.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The business had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. During the same quarter last year, the firm posted $0.77 EPS.

In other news, CFO Patrick J. Rusnak purchased 2,000 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 0.98% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PACW. Ffcm LLC lifted its position in shares of PacWest Bancorp by 172.7% during the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,516 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of PacWest Bancorp by 12.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after buying an additional 468 shares during the last quarter. Creative Planning lifted its position in shares of PacWest Bancorp by 17.3% during the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after buying an additional 613 shares during the last quarter. Charter Trust Co. lifted its position in shares of PacWest Bancorp by 0.8% during the 2nd quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock valued at $222,000 after buying an additional 38 shares during the last quarter. Finally, Investment Counselors of Maryland LLC lifted its position in shares of PacWest Bancorp by 4.1% during the 2nd quarter. Investment Counselors of Maryland LLC now owns 4,806 shares of the financial services provider’s stock valued at $224,000 after buying an additional 190 shares during the last quarter. 88.75% of the stock is currently 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.

Earnings History and Estimates for PacWest Bancorp (NASDAQ:PACW)

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