PacWest Bancorp (PACW) Given “Neutral” Rating at B. Riley

PacWest Bancorp (NASDAQ:PACW)‘s stock had its “neutral” rating restated by B. Riley in a report issued on Monday, Marketbeat.com reports. They presently have a $55.00 target price on the financial services provider’s stock, up from their prior target price of $52.00. B. Riley’s target price would suggest a potential upside of 1.95% from the company’s current price.

PACW has been the topic of a number of other research reports. UBS Group lowered PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. FBR & Co lowered PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Wednesday, October 18th. Raymond James Financial lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a research report on Wednesday, November 1st. Keefe, Bruyette & Woods restated a “buy” rating and set a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, December 22nd. Finally, BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Ten investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $54.70.

PacWest Bancorp (NASDAQ PACW) traded up $1.31 during trading on Monday, hitting $53.95. The stock had a trading volume of 999,200 shares, compared to its average volume of 936,123. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. PacWest Bancorp has a 12 month low of $43.08 and a 12 month high of $57.53. The firm has a market cap of $6,890.00, a PE ratio of 18.54, a P/E/G ratio of 1.61 and a beta of 1.59.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). The firm had revenue of $289.75 million for the quarter, compared to the consensus estimate of $297.74 million. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same quarter in the prior year, the firm earned $0.71 EPS. research analysts anticipate that PacWest Bancorp will post 3.35 earnings per share for the current year.

PacWest Bancorp announced that its board has approved a share repurchase plan on Thursday, November 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of PacWest Bancorp by 1.4% during 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 buying an additional 136,352 shares in the last quarter. State Street Corp raised its position in PacWest Bancorp by 15.0% during the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after buying an additional 771,015 shares during the last quarter. Wells Fargo & Company MN raised its position in PacWest Bancorp by 7.2% during the 3rd quarter. Wells Fargo & Company MN now owns 4,346,216 shares of the financial services provider’s stock worth $219,528,000 after buying an additional 291,225 shares during the last quarter. Principal Financial Group Inc. raised its position in PacWest Bancorp by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 3,469,993 shares of the financial services provider’s stock worth $175,270,000 after buying an additional 90,968 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in PacWest Bancorp by 3.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,360,492 shares of the financial services provider’s stock worth $169,738,000 after buying an additional 125,503 shares during the last quarter. Hedge funds and other institutional investors own 82.42% of the company’s stock.

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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.

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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