PacWest Bancorp (PACW) Rating Lowered to Market Perform at Raymond James Financial, Inc.
PacWest Bancorp (NASDAQ:PACW) was downgraded by stock analysts at Raymond James Financial, Inc. from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday.
A number of other research analysts also recently commented on the stock. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the stock a “buy” rating in a research report on Wednesday, July 19th. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price objective on the stock in a research report on Thursday, September 7th. ValuEngine lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $53.00.
PacWest Bancorp (NASDAQ:PACW) opened at 48.32 on Wednesday. The stock has a market cap of $5.87 billion, a P/E ratio of 16.32 and a beta of 1.62. PacWest Bancorp has a one year low of $41.28 and a one year high of $57.53. The company’s 50-day moving average price is $48.25 and its 200-day moving average price is $47.60.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The firm had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. During the same quarter last year, the firm earned $0.77 EPS. Analysts forecast that PacWest Bancorp will post $2.99 EPS for the current fiscal year.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of PacWest Bancorp stock in a transaction dated Thursday, October 19th. The shares were acquired at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.98% of the company’s stock.
Large investors have recently modified their holdings of the company. Ffcm LLC increased its position in shares of PacWest Bancorp by 172.7% during the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of PacWest Bancorp by 12.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after acquiring an additional 468 shares during the period. Creative Planning increased its position in shares of PacWest Bancorp by 17.3% during the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 613 shares during the period. Raymond James Trust N.A. purchased a new position in shares of PacWest Bancorp during the third quarter worth approximately $211,000. Finally, Charter Trust Co. increased its position in shares of PacWest Bancorp by 0.8% during the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock worth $222,000 after acquiring an additional 38 shares during the period. 87.58% of the stock is currently owned by institutional investors and hedge funds.
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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