DA Davidson Reiterates “Buy” Rating for PacWest Bancorp (PACW)

PacWest Bancorp (NASDAQ:PACW)‘s stock had its “buy” rating restated by stock analysts at DA Davidson in a report issued on Friday. They presently have a $59.00 price objective on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 9.36% from the stock’s current price.

Other analysts have also recently issued reports about the company. B. Riley reaffirmed a “hold” rating and set a $50.00 price objective on shares of PacWest Bancorp in a report on Monday, December 11th. Raymond James Financial downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Zacks Investment Research downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Piper Jaffray Companies reissued a “buy” rating and set a $54.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 19th. Finally, BMO Capital Markets cut their target price on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a research report on Thursday, October 19th. Ten research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $54.82.

Shares of PacWest Bancorp (PACW) traded up $1.31 on Friday, hitting $53.95. The stock had a trading volume of 999,249 shares, compared to its average volume of 732,194. The stock has a market cap of $6,787.17, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.58 and a beta of 1.59. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.53. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.08). The firm had revenue of $289.75 million for the quarter, compared to analysts’ expectations of $297.74 million. PacWest Bancorp had a return on equity of 7.83% and a net margin of 30.12%. During the same period last year, the company earned $0.71 earnings per share. analysts expect that PacWest Bancorp will post 3.33 earnings per share for the current year.

PacWest Bancorp declared that its Board of Directors has approved a stock buyback plan on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in 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 last quarter. Vanguard Group Inc. grew its position in 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 last quarter. State Street Corp grew its position in 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 last quarter. Wells Fargo & Company MN grew its position in 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 last quarter. Finally, Principal Financial Group Inc. grew its position in 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 last quarter. 82.38% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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