PacWest Bancorp (PACW) Upgraded by Zacks Investment Research to “Hold”
PacWest Bancorp (NASDAQ:PACW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
A number of other equities analysts have also weighed in on the stock. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $45.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, May 17th. BMO Capital Markets reiterated a “hold” rating on shares of PacWest Bancorp in a research report on Thursday, July 7th. FBR & Co reiterated an “outperform” rating and issued a $46.00 price objective (down from $48.00) on shares of PacWest Bancorp in a research report on Monday, July 18th. Finally, DA Davidson lowered shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Monday, July 18th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.00.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/10/pacwest-bancorp-pacw-upgraded-by-zacks-investment-research-to-hold-3.html
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 42.75 on Friday. PacWest Bancorp has a one year low of $29.05 and a one year high of $48.00. The company has a 50 day moving average of $41.97 and a 200-day moving average of $39.26. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of 15.90 and a beta of 1.66.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates 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 in the previous year, the business earned $0.70 earnings per share. On average, analysts anticipate that PacWest Bancorp will post $2.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Shareholders of record on Monday, August 15th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend was Thursday, August 11th. PacWest Bancorp’s dividend payout ratio (DPR) is currently 74.07%.
In other news, Director John M. Eggemeyer III sold 340,000 shares of PacWest Bancorp stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $41.89, for a total transaction of $14,242,600.00. Following the completion of the transaction, the director now owns 257,940 shares of the company’s stock, valued at approximately $10,805,106.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John M. Eggemeyer III sold 537,260 shares of PacWest Bancorp stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $42.34, for a total value of $22,747,588.40. Following the transaction, the director now directly owns 257,940 shares of the company’s stock, valued at approximately $10,921,179.60. The disclosure for this sale can be found here. Insiders own 1.43% of the company’s stock.
Several hedge funds and institutional investors have recently added to or reduced their stakes in PACW. Canada Pension Plan Investment Board increased its position in 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 valued at $111,000 after buying an additional 100 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its position in 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 valued at $114,000 after buying an additional 238 shares during the period. Barclays PLC increased its position in PacWest Bancorp by 1.0% in the first quarter. Barclays PLC now owns 40,917 shares of the financial services provider’s stock valued at $1,514,000 after buying an additional 407 shares during the period. Arizona State Retirement System increased its position in PacWest Bancorp by 1.5% in the first quarter. Arizona State Retirement System now owns 54,347 shares of the financial services provider’s stock valued at $2,019,000 after buying an additional 800 shares during the period. Finally, Capstone Asset Management Co. increased its position in PacWest Bancorp by 10.7% in the second quarter. Capstone Asset Management Co. now owns 8,758 shares of the financial services provider’s stock valued at $348,000 after buying an additional 850 shares during the period. 92.94% of the stock is owned by institutional investors and hedge funds.
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
Get a free copy of the Zacks research report on PacWest Bancorp (PACW)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PacWest Bancorp Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for PacWest Bancorp and related companies with MarketBeat.com’s FREE daily email newsletter.