Piper Jaffray Companies restated their buy rating on shares of PacWest Bancorp (NASDAQ:PACW) in a research report sent to investors on Thursday. They currently have a $54.00 price target on the financial services provider’s stock.

PACW has been the subject of a number of other reports. BidaskClub raised shares of PacWest Bancorp from a strong sell rating to a sell rating in a research note on Friday, August 25th. SunTrust Banks, Inc. began coverage on shares of PacWest Bancorp in a research note on Friday, August 18th. They set a hold rating and a $49.00 price objective for the company. Raymond James Financial, Inc. lowered shares of PacWest Bancorp from a strong-buy rating to an outperform rating in a research note on Tuesday. Zacks Investment Research lowered shares of PacWest Bancorp from a hold rating to a sell rating in a research note on Friday, October 13th. Finally, ValuEngine raised shares of PacWest Bancorp from a hold rating to a buy rating in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $53.00.

Shares of PacWest Bancorp (NASDAQ PACW) traded up 2.08% during trading on Thursday, reaching $47.99. 2,373,453 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $47.41 and its 200 day moving average price is $47.85. PacWest Bancorp has a 52 week low of $41.10 and a 52 week high of $57.53. The firm has a market capitalization of $5.83 billion, a PE ratio of 16.21 and a beta of 1.62.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The company had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. During the same quarter last year, the firm posted $0.77 EPS. Analysts predict that PacWest Bancorp will post $2.98 EPS for the current fiscal year.

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In other news, CFO Patrick J. Rusnak bought 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, October 19th. The stock was purchased at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now directly owns 77,852 shares in the company, valued at $3,652,815.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.98% of the company’s stock.

A number of hedge funds have recently modified their holdings of PACW. UBS Asset Management Americas Inc. lifted its position in PacWest Bancorp by 6.8% in the first quarter. UBS Asset Management Americas Inc. now owns 69,907 shares of the financial services provider’s stock worth $3,723,000 after purchasing an additional 4,427 shares during the period. Stifel Financial Corp lifted its position in PacWest Bancorp by 25.2% in the first quarter. Stifel Financial Corp now owns 11,364 shares of the financial services provider’s stock worth $605,000 after purchasing an additional 2,286 shares during the period. Credit Agricole S A bought a new position in PacWest Bancorp in the first quarter worth $826,000. OppenheimerFunds Inc. lifted its position in PacWest Bancorp by 19.4% in the first quarter. OppenheimerFunds Inc. now owns 14,758 shares of the financial services provider’s stock worth $786,000 after purchasing an additional 2,399 shares during the period. Finally, Teachers Advisors LLC lifted its position in PacWest Bancorp by 11.9% in the first quarter. Teachers Advisors LLC now owns 185,592 shares of the financial services provider’s stock worth $9,885,000 after purchasing an additional 19,674 shares during the period. 88.75% 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 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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