PacWest Bancorp (NASDAQ:PACW) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Thursday.
Other research analysts also recently issued reports about the stock. B. Riley restated a “neutral” rating and issued a $55.00 price target (up from $52.00) on shares of PacWest Bancorp in a research report on Monday, January 22nd. 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. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Piper Jaffray Companies restated a “buy” rating and issued a $54.00 price target on shares of PacWest Bancorp in a research report on Thursday, October 19th. Finally, BMO Capital Markets raised their price target on shares of PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a research report on Friday, January 19th. Nine investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $55.18.
PacWest Bancorp (NASDAQ:PACW) traded up $1.29 during trading on Thursday, hitting $51.60. 881,927 shares of the stock were exchanged, compared to its average volume of 705,892. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.93. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53. The company has a market cap of $6,645.20, a P/E ratio of 17.67, a P/E/G ratio of 1.49 and a beta of 1.52.
PacWest Bancorp declared that its Board of Directors has initiated a stock buyback program 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 programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.98% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new position in shares of PacWest Bancorp in the 3rd quarter worth approximately $122,000. Cerebellum GP LLC acquired a new position in shares of PacWest Bancorp in the 4th quarter worth approximately $135,000. Bessemer Group Inc. acquired a new position in shares of PacWest Bancorp in the 4th quarter worth approximately $144,000. Calton & Associates Inc. acquired a new position in shares of PacWest Bancorp in the 4th quarter worth approximately $200,000. Finally, Raymond James Trust N.A. acquired a new position in shares of PacWest Bancorp in the 3rd quarter worth approximately $211,000. 82.41% of the stock is currently owned by institutional investors.
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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.
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