Brokerages Set PacWest Bancorp (PACW) Price Target at $54.22
PacWest Bancorp (NASDAQ:PACW) has received a consensus rating of “Buy” from the sixteen brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, seven have given a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $54.40.
Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $55.00 price target on shares of PacWest Bancorp in a research note on Thursday, May 18th. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Thursday, March 23rd. ValuEngine raised PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Stephens reaffirmed a “buy” rating and set a $56.00 price target on shares of PacWest Bancorp in a research note on Friday. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $55.00 price target on shares of PacWest Bancorp in a research note on Friday, May 26th.
In other news, CFO Patrick J. Rusnak bought 2,000 shares of the firm’s stock in a transaction dated Wednesday, April 19th. The stock was acquired at an average price of $47.75 per share, for a total transaction of $95,500.00. Following the acquisition, the chief financial officer now owns 81,349 shares of the company’s stock, valued at $3,884,414.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew P. Wagner bought 2,072 shares of the firm’s stock in a transaction dated Wednesday, April 19th. The shares were purchased at an average price of $47.75 per share, with a total value of $98,938.00. Following the acquisition, the chief executive officer now directly owns 528,934 shares in the company, valued at approximately $25,256,598.50. The disclosure for this purchase can be found here. Insiders have bought a total of 4,572 shares of company stock valued at $218,398 in the last quarter. Company insiders own 0.98% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. CHURCHILL MANAGEMENT Corp bought a new position in PacWest Bancorp during the first quarter valued at approximately $19,338,000. First Interstate Bank raised its position in PacWest Bancorp by 10.4% in the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock valued at $232,000 after buying an additional 410 shares during the period. Norges Bank bought a new position in PacWest Bancorp during the fourth quarter valued at approximately $68,197,000. AQR Capital Management LLC raised its position in PacWest Bancorp by 74.4% in the fourth quarter. AQR Capital Management LLC now owns 49,425 shares of the financial services provider’s stock valued at $2,691,000 after buying an additional 21,082 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised its position in PacWest Bancorp by 35.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 8,019 shares of the financial services provider’s stock valued at $427,000 after buying an additional 2,109 shares during the period. Institutional investors and hedge funds own 88.26% of the company’s stock.
PacWest Bancorp (PACW) traded down 0.52% during trading on Tuesday, reaching $46.29. 975,332 shares of the company’s stock were exchanged. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 16.53 and a beta of 1.58. PacWest Bancorp has a 52 week low of $40.00 and a 52 week high of $57.53. The stock has a 50-day moving average price of $47.51 and a 200 day moving average price of $52.07.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Monday, April 17th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by $0.07. PacWest Bancorp had a net margin of 30.38% and a return on equity of 7.52%. The business had revenue of $267.57 million during the quarter, compared to analyst estimates of $272.30 million. During the same period last year, the business posted $0.74 EPS. Equities research analysts forecast that PacWest Bancorp will post $2.83 earnings per share for the current fiscal year.
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 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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