PacWest Bancorp (PACW) Earns “Hold” Rating from B. Riley
PacWest Bancorp (NASDAQ:PACW)‘s stock had its “hold” rating reissued by analysts at B. Riley in a research note issued to investors on Monday. They currently have a $50.00 price objective on the financial services provider’s stock. B. Riley’s target price indicates a potential upside of 2.90% from the company’s previous close.
Several other brokerages have also weighed in on PACW. FBR & Co lowered PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Wednesday, October 18th. Raymond James Financial cut PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price target for the company. in a research note on Wednesday, November 1st. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. SunTrust Banks reissued a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research note on Thursday, October 12th. Finally, UBS cut PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. PacWest Bancorp has a consensus rating of “Hold” and a consensus price target of $52.73.
Shares of PacWest Bancorp (NASDAQ:PACW) traded up $1.27 during midday trading on Monday, reaching $48.59. The company’s stock had a trading volume of 1,591,900 shares, compared to its average volume of 837,568. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $57.53. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $6,101.24, a price-to-earnings ratio of 15.93, a PEG ratio of 1.60 and a beta of 1.59.
PacWest Bancorp declared that its Board of Directors has authorized a stock buyback plan on Thursday, November 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, CFO Patrick J. Rusnak bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 19th. The stock was acquired at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the purchase, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.98% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Ffcm LLC boosted its position in shares of PacWest Bancorp by 172.7% in the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 1,516 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in shares of PacWest Bancorp in the 3rd quarter valued at $122,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of PacWest Bancorp by 12.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 468 shares during the period. Raymond James Trust N.A. acquired a new position in shares of PacWest Bancorp in the 3rd quarter valued at $211,000. Finally, CIBC Asset Management Inc acquired a new position in shares of PacWest Bancorp in the 3rd quarter valued at $213,000. Institutional investors and hedge funds own 82.47% 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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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