PacWest Bancorp (NASDAQ:PACW) had its price target lifted by equities researchers at BMO Capital Markets to $56.00 in a research note issued on Friday, The Fly reports. The firm presently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ target price points to a potential upside of 6.38% from the company’s current price.
A number of other research analysts also recently issued reports on PACW. SunTrust Banks restated a “hold” rating and set a $49.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 12th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. UBS Group downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Raymond James Financial downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Finally, FBR & Co downgraded shares of 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. Ten analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. PacWest Bancorp currently has a consensus rating of “Hold” and an average target price of $54.82.
PacWest Bancorp (NASDAQ:PACW) traded up $0.26 during trading on Friday, reaching $52.64. 1,784,400 shares of the company’s stock were exchanged, compared to its average volume of 930,867. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $57.53. The firm has a market cap of $6,900.00, a P/E ratio of 18.09, a PEG ratio of 1.57 and a beta of 1.59.
PacWest Bancorp announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Several large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of PacWest Bancorp by 3.1% in the 2nd quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock valued at $632,700,000 after acquiring an additional 404,986 shares during the period. Vanguard Group Inc. raised its position in shares of PacWest Bancorp by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 10,032,383 shares of the financial services provider’s stock valued at $468,512,000 after acquiring an additional 136,352 shares during the period. State Street Corp raised its position in shares of PacWest Bancorp by 15.0% in the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after acquiring an additional 771,015 shares during the period. Wells Fargo & Company MN raised its position in shares of PacWest Bancorp by 7.2% in the 3rd quarter. Wells Fargo & Company MN now owns 4,346,216 shares of the financial services provider’s stock valued at $219,528,000 after acquiring an additional 291,225 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of PacWest Bancorp by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 3,469,993 shares of the financial services provider’s stock valued at $175,270,000 after acquiring an additional 90,968 shares during the period. Institutional investors and hedge funds own 82.38% of the company’s stock.
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 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.
