PacWest Bancorp (PACW) Stock Rating Lowered by Zacks Investment Research
PacWest Bancorp (NASDAQ:PACW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank (the Bank). The Company provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. PacWest offers additional products and services through its CapitalSource and Square 1 Bank divisions. Its CapitalSource Division provides asset-based, equipment, real estate and security cash flow loans and treasury management services to established middle market businesses on a national basis. Its Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. “
A number of other analysts have also recently weighed in on PACW. UBS Group cut shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. Raymond James Financial cut shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. FBR & Co cut shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a report on Wednesday, October 18th. BMO Capital Markets lowered their price target on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a report on Thursday, October 19th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $54.00 price target on shares of PacWest Bancorp in a report on Thursday, October 19th. Ten analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. PacWest Bancorp has an average rating of “Hold” and a consensus price target of $55.18.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. The firm had revenue of $289.75 million during the quarter, compared to the consensus estimate of $297.74 million. During the same quarter in the prior year, the business posted $0.71 earnings per share. sell-side analysts predict that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
PacWest Bancorp declared that its Board of Directors has approved a stock buyback plan on Thursday, November 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.98% of the company’s stock.
Several institutional investors have recently made changes to their positions in PACW. AHL Partners LLP raised its position in PacWest Bancorp by 119.5% during the 2nd quarter. AHL Partners LLP now owns 8,949 shares of the financial services provider’s stock worth $418,000 after buying an additional 4,872 shares during the last quarter. Bank of Nova Scotia purchased a new position in PacWest Bancorp during the 2nd quarter worth approximately $1,742,000. 1st Global Advisors Inc. raised its position in PacWest Bancorp by 3.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after buying an additional 169 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in PacWest Bancorp by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 44,781 shares of the financial services provider’s stock worth $2,091,000 after buying an additional 408 shares during the last quarter. Finally, Sit Investment Associates Inc. raised its position in PacWest Bancorp by 61.0% during the 3rd quarter. Sit Investment Associates Inc. now owns 42,390 shares of the financial services provider’s stock worth $2,141,000 after buying an additional 16,065 shares during the last quarter. 82.27% of the stock is owned by hedge funds and other 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 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.
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