Raymond James Financial, Inc. Downgrades PacWest Bancorp (PACW) to Market Perform
PacWest Bancorp (NASDAQ:PACW) was downgraded by analysts at Raymond James Financial, Inc. from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday. They presently have a $55.00 target price on the financial services provider’s stock. Raymond James Financial, Inc.’s target price suggests a potential upside of 15.74% from the company’s previous close.
Other research analysts have also recently issued research reports about the stock. SunTrust Banks, Inc. began coverage on shares of PacWest Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $49.00 price target on the stock. FBR & Co set a $55.00 price target on shares of PacWest Bancorp and gave the company a “buy” rating in a research report on Wednesday, July 19th. UBS AG cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 13th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $54.00 price objective on shares of PacWest Bancorp in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. PacWest Bancorp presently has an average rating of “Hold” and a consensus target price of $53.00.
Shares of PacWest Bancorp (NASDAQ PACW) traded down $0.02 during mid-day trading on Wednesday, hitting $47.52. 510,650 shares of the stock traded hands, compared to its average volume of 1,107,727. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 1.60 and a beta of 1.60.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. The firm had revenue of $273.07 million for the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter in the previous year, the company posted $0.77 EPS. sell-side analysts expect that PacWest Bancorp will post 2.98 earnings per share for the current fiscal year.
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In other PacWest Bancorp news, CFO Patrick J. Rusnak purchased 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the purchase, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the business. Ffcm LLC increased its stake in PacWest Bancorp by 172.7% during the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in PacWest Bancorp by 12.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after purchasing an additional 468 shares during the period. Creative Planning increased its stake in PacWest Bancorp by 17.3% during the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 613 shares during the period. Raymond James Trust N.A. purchased a new stake in PacWest Bancorp during the third quarter worth about $211,000. Finally, Charter Trust Co. increased its stake in PacWest Bancorp by 0.8% during the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock worth $222,000 after purchasing an additional 38 shares during the period. Institutional investors own 87.58% of the company’s stock.
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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