Analysts Set PacWest Bancorp (PACW) Target Price at $45.80
Shares of PacWest Bancorp (NASDAQ:PACW) have received a consensus rating of “Hold” from the eight research firms that are currently covering the firm. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $45.80.
A number of brokerages have recently issued reports on PACW. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, August 25th. JMP Securities initiated coverage on shares of PacWest Bancorp in a research report on Friday, September 16th. They set an “outperform” rating and a $48.00 target price on the stock. Finally, Wells Fargo & Co. downgraded shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 4th. They noted that the move was a valuation call.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 51.94 on Tuesday. The firm has a 50-day moving average of $45.19 and a 200-day moving average of $42.08. The firm has a market cap of $6.17 billion, a PE ratio of 18.64 and a beta of 1.46. PacWest Bancorp has a 52 week low of $29.05 and a 52 week high of $52.15.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.41% and a return on equity of 7.80%. During the same period in the prior year, the company posted $0.63 EPS. On average, analysts expect that PacWest Bancorp will post $2.90 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Shareholders of record on Tuesday, November 15th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, November 10th. This represents a $2.00 dividend on an annualized basis and a yield of 3.85%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 71.68%.
In other PacWest Bancorp news, Director Daniel B. Platt sold 2,550 shares of the business’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $42.18, for a total transaction of $107,559.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John M. Eggemeyer III sold 537,260 shares of the business’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $42.34, for a total transaction of $22,747,588.40. Following the sale, the director now owns 257,940 shares of the company’s stock, valued at approximately $10,921,179.60. The disclosure for this sale can be found here. Company insiders own 1.43% of the company’s stock.
A number of hedge funds have recently made changes to their positions in PACW. Mycio Wealth Partners LLC raised its stake in shares of PacWest Bancorp by 50.1% in the second quarter. Mycio Wealth Partners LLC now owns 3,595 shares of the financial services provider’s stock worth $143,000 after buying an additional 1,200 shares during the period. Channing Capital Management LLC raised its stake in PacWest Bancorp by 3.8% in the second quarter. Channing Capital Management LLC now owns 1,742,423 shares of the financial services provider’s stock valued at $69,314,000 after buying an additional 64,051 shares during the last quarter. Geode Capital Management LLC raised its stake in PacWest Bancorp by 9.3% in the first quarter. Geode Capital Management LLC now owns 776,514 shares of the financial services provider’s stock valued at $28,846,000 after buying an additional 66,378 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in PacWest Bancorp by 164.2% in the second quarter. BNP Paribas Arbitrage SA now owns 66,787 shares of the financial services provider’s stock valued at $2,657,000 after buying an additional 41,512 shares during the last quarter. Finally, Private Asset Management Inc. raised its stake in PacWest Bancorp by 2.9% in the third quarter. Private Asset Management Inc. now owns 94,915 shares of the financial services provider’s stock valued at $4,073,000 after buying an additional 2,685 shares during the last quarter. Institutional investors and hedge funds own 92.42% 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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
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