PacWest Bancorp (PACW) Receives $54.75 Consensus Target Price from Brokerages

PacWest Bancorp (NASDAQ:PACW) has received a consensus rating of “Hold” from the fifteen research firms that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $54.75.

Several brokerages have recently issued reports on PACW. BidaskClub upgraded shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 6th. ValuEngine downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. SunTrust Banks lowered their price objective on shares of PacWest Bancorp to $48.00 and set a “hold” rating on the stock in a research note on Thursday, October 18th. TheStreet downgraded shares of PacWest Bancorp from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. Finally, Zacks Investment Research upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research note on Wednesday, August 1st.

PACW traded up $0.62 during midday trading on Friday, hitting $39.83. 39,482 shares of the company’s stock traded hands, compared to its average volume of 1,179,121. The firm has a market cap of $4.77 billion, a PE ratio of 13.65, a PEG ratio of 1.06 and a beta of 1.45. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.97. PacWest Bancorp has a one year low of $37.65 and a one year high of $55.86.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.02. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. The firm had revenue of $297.23 million for the quarter, compared to analyst estimates of $301.52 million. During the same quarter last year, the firm earned $0.84 earnings per share. On average, sell-side analysts anticipate that PacWest Bancorp will post 3.7 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Tuesday, November 20th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, November 19th. This represents a $2.40 annualized dividend and a yield of 6.03%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 82.19%.

In other news, Director John M. Eggemeyer III bought 10,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, November 1st. The stock was purchased at an average cost of $41.23 per share, with a total value of $412,300.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew P. Wagner bought 20,925 shares of PacWest Bancorp stock in a transaction that occurred on Monday, October 29th. The stock was purchased at an average cost of $39.01 per share, with a total value of $816,284.25. Following the completion of the transaction, the chief executive officer now owns 530,552 shares of the company’s stock, valued at $20,696,833.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 31,925 shares of company stock valued at $1,278,844. 1.01% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of PACW. BlackRock Inc. lifted its holdings in shares of PacWest Bancorp by 0.9% during the third quarter. BlackRock Inc. now owns 13,509,977 shares of the financial services provider’s stock valued at $643,751,000 after acquiring an additional 123,234 shares during the period. Vanguard Group Inc. lifted its holdings in shares of PacWest Bancorp by 0.3% during the third quarter. Vanguard Group Inc. now owns 11,475,220 shares of the financial services provider’s stock valued at $546,794,000 after acquiring an additional 33,069 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of PacWest Bancorp by 0.5% during the second quarter. Wells Fargo & Company MN now owns 4,572,333 shares of the financial services provider’s stock valued at $225,965,000 after acquiring an additional 20,625 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of PacWest Bancorp by 10.6% during the third quarter. Janus Henderson Group PLC now owns 3,677,017 shares of the financial services provider’s stock valued at $175,210,000 after acquiring an additional 353,342 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of PacWest Bancorp by 0.9% during the third quarter. Dimensional Fund Advisors LP now owns 3,257,774 shares of the financial services provider’s stock valued at $155,234,000 after acquiring an additional 29,983 shares during the period. 89.69% of the stock is owned by hedge funds and other institutional investors.

About PacWest Bancorp

PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.

Further Reading: Market Capitalization in the Stock Market

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply