PacWest Bancorp (NASDAQ:PACW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday, July 22nd.
According to Zacks, “PACWEST BANCORP, formerly First Community Bancorp, with one wholly-owned banking subsidiary, Pacific Western Bank. Through sixty full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. “
PACW has been the topic of several other research reports. Stephens upgraded shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. Piper Jaffray Companies lifted their price target on shares of PacWest Bancorp from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, April 11th. FBR & Co restated an “outperform” rating and set a $55.00 target price (down previously from $62.00) on shares of PacWest Bancorp in a report on Monday, April 17th. BidaskClub cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Finally, Raymond James Financial, Inc. upgraded shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $55.60.
PacWest Bancorp (NASDAQ:PACW) opened at 47.16 on Friday. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 16.28 and a beta of 1.58. PacWest Bancorp has a 12 month low of $40.14 and a 12 month high of $57.53. The stock’s 50 day moving average is $47.38 and its 200-day moving average is $50.71.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. The company had revenue of $277.76 million for the quarter, compared to the consensus estimate of $272.57 million. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, analysts anticipate that PacWest Bancorp will post $2.95 earnings per share for the current fiscal year.
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In related news, Director Craig A. Carlson sold 1,081 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total transaction of $50,979.96. Following the completion of the transaction, the director now directly owns 6,273 shares in the company, valued at approximately $295,834.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.98% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of PacWest Bancorp by 8,223.2% in the first quarter. BlackRock Inc. now owns 13,143,190 shares of the financial services provider’s stock worth $700,008,000 after buying an additional 12,985,280 shares during the period. Principal Financial Group Inc. increased its position in shares of PacWest Bancorp by 112.6% in the second quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock worth $157,801,000 after buying an additional 1,789,571 shares during the period. Vanguard Group Inc. increased its position in shares of PacWest Bancorp by 6.3% in the first quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock worth $527,062,000 after buying an additional 583,193 shares during the period. Prudential Financial Inc. increased its position in shares of PacWest Bancorp by 233.1% in the second quarter. Prudential Financial Inc. now owns 605,314 shares of the financial services provider’s stock worth $28,268,000 after buying an additional 423,590 shares during the period. Finally, CHURCHILL MANAGEMENT Corp bought a new position in shares of PacWest Bancorp during the first quarter worth about $19,338,000. Institutional investors own 86.46% 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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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