Piper Jaffray Companies reiterated their buy rating on shares of PacWest Bancorp (NASDAQ:PACW) in a report published on Thursday morning. The brokerage currently has a $54.00 target price on the financial services provider’s stock.
A number of other research analysts also recently issued reports on PACW. BidaskClub downgraded shares of PacWest Bancorp from a hold rating to a sell rating in a research report on Saturday, June 24th. Wedbush restated a neutral rating and set a $49.00 target price on shares of PacWest Bancorp in a research report on Tuesday, June 27th. ValuEngine upgraded shares of PacWest Bancorp from a hold rating to a buy rating in a research report on Thursday, July 6th. Stephens restated a buy rating and set a $56.00 target price on shares of PacWest Bancorp in a research report on Friday, July 14th. Finally, FBR & Co set a $55.00 target price on shares of PacWest Bancorp and gave the company a buy rating in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. PacWest Bancorp presently has a consensus rating of Buy and a consensus price target of $53.00.
PacWest Bancorp (PACW) traded up 0.42% during trading on Thursday, hitting $48.19. The stock had a trading volume of 274,530 shares. PacWest Bancorp has a 12 month low of $41.28 and a 12 month high of $57.53. The firm has a 50 day moving average of $47.50 and a 200-day moving average of $47.81. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of 16.27 and a beta of 1.62.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The company had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period in the previous year, the firm posted $0.77 earnings per share. Equities analysts predict that PacWest Bancorp will post $2.98 earnings per share for the current year.
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In related news, CFO Patrick J. Rusnak bought 2,000 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The shares were purchased at an average cost of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.98% of the company’s stock.
A number of institutional investors have recently modified their holdings of PACW. UBS Asset Management Americas Inc. lifted its stake in shares of PacWest Bancorp by 6.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 69,907 shares of the financial services provider’s stock worth $3,723,000 after acquiring an additional 4,427 shares during the period. Stifel Financial Corp lifted its stake in shares of PacWest Bancorp by 25.2% in the 1st quarter. Stifel Financial Corp now owns 11,364 shares of the financial services provider’s stock worth $605,000 after acquiring an additional 2,286 shares during the period. Credit Agricole S A acquired a new stake in shares of PacWest Bancorp in the 1st quarter worth $826,000. OppenheimerFunds Inc. lifted its stake in shares of PacWest Bancorp by 19.4% in the 1st quarter. OppenheimerFunds Inc. now owns 14,758 shares of the financial services provider’s stock worth $786,000 after acquiring an additional 2,399 shares during the period. Finally, Teachers Advisors LLC lifted its stake in shares of PacWest Bancorp by 11.9% in the 1st quarter. Teachers Advisors LLC now owns 185,592 shares of the financial services provider’s stock worth $9,885,000 after acquiring an additional 19,674 shares during the period. 88.75% of the stock is currently owned by institutional investors.
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 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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