PacWest Bancorp’s (PACW) “Hold” Rating Reaffirmed at SunTrust Banks

SunTrust Banks reaffirmed their hold rating on shares of PacWest Bancorp (NASDAQ:PACW) in a research note issued to investors on Tuesday morning. They currently have a $54.00 price target on the financial services provider’s stock. SunTrust Banks also issued estimates for PacWest Bancorp’s Q1 2018 earnings at $0.80 EPS, Q2 2018 earnings at $0.83 EPS, Q3 2018 earnings at $0.88 EPS, Q4 2018 earnings at $0.90 EPS, FY2018 earnings at $3.41 EPS, Q1 2019 earnings at $0.92 EPS, Q2 2019 earnings at $0.94 EPS, Q3 2019 earnings at $0.98 EPS, Q4 2019 earnings at $1.01 EPS and FY2019 earnings at $3.85 EPS.

Other equities research analysts have also issued reports about the stock. Piper Jaffray Companies restated a buy rating and set a $54.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 19th. Keefe, Bruyette & Woods reiterated a buy rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, December 22nd. Zacks Investment Research upgraded shares of PacWest Bancorp from a sell rating to a hold rating in a research report on Friday, October 20th. BMO Capital Markets reiterated a hold rating and issued a $49.00 price objective on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Finally, BidaskClub upgraded shares of 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, five have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $53.64.

Shares of PacWest Bancorp (NASDAQ PACW) opened at $53.01 on Tuesday. The company has a market cap of $6,830.00, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 1.60 and a beta of 1.59. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $57.53. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93.

PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. The company had revenue of $273.07 million for the quarter, compared to analyst estimates 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 earned $0.77 EPS. sell-side analysts predict that PacWest Bancorp will post 3 earnings per share for the current fiscal year.

PacWest Bancorp declared that its board has initiated a share buyback plan on Thursday, November 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

In other news, CFO Patrick J. Rusnak bought 2,000 shares of PacWest Bancorp stock in a transaction on Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the acquisition, the chief financial officer now owns 77,852 shares in the company, valued at $3,652,815.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.98% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings 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 purchasing an additional 404,986 shares in the last quarter. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 136,352 shares in the last quarter. State Street Corp lifted its holdings 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 purchasing an additional 771,015 shares in the last quarter. Wells Fargo & Company MN lifted its holdings 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 purchasing an additional 291,225 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 90,968 shares in the last quarter. Institutional investors own 82.37% of the company’s stock.

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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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