PacWest Bancorp (PACW) Rating Increased to Hold at BidaskClub
BidaskClub upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a sell rating to a hold rating in a research report sent to investors on Thursday.
A number of other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of PacWest Bancorp from a hold rating to a buy rating and set a $60.00 target price for the company in a report on Wednesday, January 24th. B. Riley reiterated a neutral rating and set a $55.00 target price (up from $52.00) on shares of PacWest Bancorp in a report on Monday, January 22nd. BMO Capital Markets increased their target price on shares of PacWest Bancorp to $56.00 and gave the stock a market perform rating in a report on Friday, January 19th. DA Davidson reiterated a buy rating and set a $59.00 target price on shares of PacWest Bancorp in a report on Friday, January 19th. Finally, SunTrust Banks reiterated a hold rating and set a $54.00 target price on shares of PacWest Bancorp in a report on Tuesday, January 9th. Nine equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. PacWest Bancorp presently has a consensus rating of Hold and a consensus target price of $55.18.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at $51.60 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.93. The firm has a market cap of $6,645.20, a PE ratio of 17.61, a PEG ratio of 1.49 and a beta of 1.52. PacWest Bancorp has a 1-year low of $43.08 and a 1-year high of $57.53.
PacWest Bancorp announced that its Board of Directors has approved a stock buyback program on Thursday, November 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th will be issued a $0.50 dividend. The ex-dividend date is Friday, February 16th. This represents a $2.00 annualized dividend and a yield of 3.88%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.49%.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.98% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of PACW. Koch Industries Inc. lifted its holdings in PacWest Bancorp by 30,853.3% in the second quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock worth $1,313,000 after buying an additional 1,337,180 shares during the period. Janus Henderson Group PLC lifted its holdings in PacWest Bancorp by 34.1% in the third quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock worth $157,610,000 after buying an additional 794,113 shares during the period. State Street Corp lifted its holdings in PacWest Bancorp by 15.0% in the second quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after buying an additional 771,015 shares during the period. BlackRock Inc. lifted its holdings in PacWest Bancorp by 5.0% in the fourth quarter. BlackRock Inc. now owns 13,945,196 shares of the financial services provider’s stock worth $702,839,000 after buying an additional 659,918 shares during the period. Finally, Prudential Financial Inc. lifted its holdings in PacWest Bancorp by 86.1% in the third quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock worth $56,907,000 after buying an additional 521,327 shares during the period. Institutional investors and hedge funds own 82.41% 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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