PacWest Bancorp (PACW) Receiving Somewhat Favorable News Coverage, Study Shows
News stories about PacWest Bancorp (NASDAQ:PACW) have been trending somewhat positive recently, according to Accern. The research firm scores the sentiment of news coverage by reviewing more than 20 million news and blog sources in real time. Accern ranks coverage of publicly-traded companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. PacWest Bancorp earned a news sentiment score of 0.13 on Accern’s scale. Accern also assigned news headlines about the financial services provider an impact score of 47.6169521458156 out of 100, meaning that recent news coverage is somewhat unlikely to have an impact on the stock’s share price in the near future.
PacWest Bancorp (NASDAQ PACW) traded up $0.01 during midday trading on Wednesday, reaching $47.53. The company’s stock had a trading volume of 713,810 shares, compared to its average volume of 835,892. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $57.53. The firm has a market cap of $6,160.00, a PE ratio of 16.36, a price-to-earnings-growth ratio of 1.64 and a beta of 1.59.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The company had revenue of $273.07 million for the quarter, compared to analysts’ expectations of $281.14 million. During the same quarter in the previous year, the firm posted $0.77 EPS. research analysts predict that PacWest Bancorp will post 2.97 earnings per share for the current year.
PacWest Bancorp announced that its board has authorized a share repurchase program on Thursday, November 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
PACW has been the subject of several analyst reports. UBS downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. FBR & Co downgraded PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price objective for the company. in a research note on Wednesday, October 18th. Raymond James Financial cut PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 target price on the stock. in a research report on Wednesday, November 1st. DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Thursday, September 7th. Finally, ValuEngine cut PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $53.00.
In other news, CFO Patrick J. Rusnak purchased 2,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The shares were acquired at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the acquisition, the chief financial officer now directly owns 77,852 shares in the company, valued at approximately $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.98% 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. As of October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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