PacWest Bancorp (NASDAQ:PACW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

According to Zacks, “PACWEST BANCORP, formerly First Community Bancorp, with one wholly-owned banking subsidiary, Pacific Western Bank. Through sixty full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. “

Other analysts have also issued reports about the stock. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Thursday, September 7th. ValuEngine lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Raymond James Financial, Inc. reduced their price target on shares of PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating for the company in a research note on Tuesday, August 22nd. Finally, Stephens reaffirmed a “buy” rating and issued a $56.00 price target on shares of PacWest Bancorp in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $54.50.

PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. The firm had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. During the same quarter in the prior year, the firm earned $0.68 EPS.

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Hedge funds have recently added to or reduced their stakes in the stock. Synovus Financial Corp lifted its position in shares of PacWest Bancorp by 9.3% in the 2nd quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock valued at $6,641,000 after acquiring an additional 12,055 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of PacWest Bancorp by 11.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock valued at $75,653,000 after acquiring an additional 167,575 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of PacWest Bancorp by 4.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock valued at $59,942,000 after acquiring an additional 59,603 shares in the last quarter. Heartland Advisors Inc. lifted its position in shares of PacWest Bancorp by 20.1% in the 2nd quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock valued at $11,217,000 after acquiring an additional 40,200 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of PacWest Bancorp by 51.3% in the 1st quarter. Morgan Stanley now owns 529,283 shares of the financial services provider’s stock valued at $28,189,000 after acquiring an additional 179,423 shares in the last quarter. 88.64% of the stock is 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.

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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