PacWest Bancorp (PACW) Rating Reiterated by B. Riley
PacWest Bancorp (NASDAQ:PACW)‘s stock had its “hold” rating restated by stock analysts at B. Riley in a report issued on Monday. They presently have a $50.00 target price on the financial services provider’s stock. B. Riley’s price objective points to a potential upside of 2.77% from the company’s current price.
A number of other analysts also recently weighed in on the company. Raymond James Financial downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. 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. UBS downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Finally, BMO Capital Markets decreased their price objective on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. PacWest Bancorp has a consensus rating of “Hold” and an average price target of $52.73.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at $48.65 on Monday. The firm has a market capitalization of $6,270.00, a price-to-earnings ratio of 15.93, a P/E/G ratio of 1.60 and a beta of 1.59. PacWest Bancorp has a 1-year low of $43.08 and a 1-year high of $57.53. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15.
PacWest Bancorp announced that its Board of Directors has approved a share buyback plan on Thursday, November 16th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, CFO Patrick J. Rusnak purchased 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were acquired at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.98% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Ffcm LLC boosted its position in shares of PacWest Bancorp by 172.7% during the 2nd 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 in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of PacWest Bancorp during the 3rd quarter worth about $122,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of PacWest Bancorp by 12.8% during the 2nd 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 in the last quarter. Raymond James Trust N.A. bought a new position in shares of PacWest Bancorp during the 3rd quarter worth about $211,000. Finally, CIBC Asset Management Inc bought a new position in shares of PacWest Bancorp during the 3rd quarter worth about $213,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.
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 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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