PacWest Bancorp (PACW) Receives $44.88 Consensus Target Price from Analysts
Shares of PacWest Bancorp (NASDAQ:PACW) have received an average rating of “Hold” from the thirteen research firms that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $44.88.
A number of equities analysts have recently issued reports on PACW shares. Raymond James set a $48.00 price target on PacWest Bancorp and gave the stock a “buy” rating in a research report on Tuesday, February 26th. BidaskClub lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Keefe, Bruyette & Woods lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $50.00 to $45.00 in a report on Sunday, February 24th. TheStreet raised shares of PacWest Bancorp from a “c+” rating to a “b-” rating in a report on Monday, February 25th. Finally, Wells Fargo & Co set a $38.00 price objective on shares of PacWest Bancorp and gave the company a “hold” rating in a report on Wednesday, April 17th.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of PacWest Bancorp by 16.1% during the 4th quarter. BlackRock Inc. now owns 15,679,391 shares of the financial services provider’s stock worth $521,810,000 after acquiring an additional 2,169,414 shares in the last quarter. Vanguard Group Inc raised its position in shares of PacWest Bancorp by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 11,475,220 shares of the financial services provider’s stock worth $546,794,000 after purchasing an additional 33,069 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of PacWest Bancorp by 9.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,581,899 shares of the financial services provider’s stock worth $172,328,000 after purchasing an additional 410,280 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of PacWest Bancorp by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,433,886 shares of the financial services provider’s stock worth $129,150,000 after purchasing an additional 107,330 shares during the last quarter. Finally, FMR LLC raised its position in shares of PacWest Bancorp by 117.6% during the 4th quarter. FMR LLC now owns 2,664,592 shares of the financial services provider’s stock worth $88,677,000 after purchasing an additional 1,439,867 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.01. PacWest Bancorp had a net margin of 34.47% and a return on equity of 9.58%. The firm had revenue of $285.94 million during the quarter, compared to the consensus estimate of $291.86 million. During the same quarter in the previous year, the firm posted $0.93 earnings per share. On average, analysts forecast that PacWest Bancorp will post 3.8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, May 20th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 6.32%. The ex-dividend date of this dividend is Friday, May 17th. PacWest Bancorp’s payout ratio is currently 64.52%.
PacWest Bancorp Company Profile
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.
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