Published On: Fri, Sep 16th, 2016

PacWest Bancorp (PACW) Lifted to Hold at Zacks Investment Research

PacWest Bancorp (NASDAQ:PACW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “PACWEST BANCORP, formerly First Community Bancorp, with one wholly-owned banking subsidiary, Pacific Western Bank. Through sixty full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. “
PACW has been the subject of several other research reports. DA Davidson downgraded shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research note on Monday, July 18th. They noted that the move was a valuation call. FBR & Co restated an “outperform” rating and issued a $46.00 price objective (down previously from $48.00) on shares of PacWest Bancorp in a research note on Monday, July 18th. Finally, BMO Capital Markets restated a “hold” rating on shares of PacWest Bancorp in a research note on Monday, July 18th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $45.00.

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Shares of PacWest Bancorp (NASDAQ:PACW) traded up 2.15% during trading on Thursday, hitting $42.75. The company had a trading volume of 780,747 shares. The stock’s 50-day moving average is $42.11 and its 200 day moving average is $39.55. The firm has a market capitalization of $5.15 billion, a P/E ratio of 15.90 and a beta of 1.66. PacWest Bancorp has a 52-week low of $29.05 and a 52-week high of $48.00.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by $0.01. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%. During the same quarter last year, the company posted $0.70 earnings per share. Equities research analysts predict that PacWest Bancorp will post $2.86 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, August 11th. This represents a $2.00 annualized dividend and a dividend yield of 4.68%. PacWest Bancorp’s dividend payout ratio (DPR) is 74.07%.
In related news, EVP Kori Ogrosky sold 2,000 shares of the firm’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $41.07, for a total value of $82,140.00. Following the completion of the sale, the executive vice president now owns 42,283 shares in the company, valued at $1,736,562.81. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John M. Eggemeyer III sold 270,000 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $42.33, for a total transaction of $11,429,100.00. Following the completion of the sale, the director now owns 257,940 shares of the company’s stock, valued at approximately $10,918,600.20. The disclosure for this sale can be found here. Insiders own 1.43% of the company’s stock.
A number of large investors have recently made changes to their positions in PACW. Canada Pension Plan Investment Board increased its stake in shares of PacWest Bancorp by 3.4% in the first quarter. Canada Pension Plan Investment Board now owns 3,000 shares of the financial services provider’s stock worth $111,000 after buying an additional 100 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of PacWest Bancorp by 8.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,065 shares of the financial services provider’s stock worth $114,000 after buying an additional 238 shares during the last quarter. Mycio Wealth Partners LLC increased its stake in shares of PacWest Bancorp by 50.1% in the second quarter. Mycio Wealth Partners LLC now owns 3,595 shares of the financial services provider’s stock worth $143,000 after buying an additional 1,200 shares during the last quarter. Advisor Group Inc. purchased a new stake in shares of PacWest Bancorp during the second quarter worth approximately $153,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of PacWest Bancorp during the second quarter worth approximately $156,000. Hedge funds and other institutional investors own 92.31% 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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.

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