PacWest Bancorp (PACW) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a sell rating to a hold rating in a research note released 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. “

PACW has been the topic of a number of other research reports. UBS AG lowered PacWest Bancorp from a strong-buy rating to an outperform rating in a report on Tuesday. DA Davidson raised PacWest Bancorp from a neutral rating to a buy rating and set a $53.00 price objective on the stock in a report on Thursday, September 7th. ValuEngine lowered PacWest Bancorp from a buy rating to a hold rating in a report on Friday, September 1st. BidaskClub raised PacWest Bancorp from a strong sell rating to a sell rating in a report on Friday, August 25th. Finally, Raymond James Financial, Inc. lowered their price objective on PacWest Bancorp from $59.00 to $55.00 and set a strong-buy rating on the stock in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $53.00.

PacWest Bancorp (NASDAQ PACW) traded up 2.08% during trading on Friday, reaching $47.99. The company’s stock had a trading volume of 2,373,453 shares. The stock’s 50-day moving average is $47.50 and its 200 day moving average is $47.81. PacWest Bancorp has a 52-week low of $41.28 and a 52-week high of $57.53. The firm has a market capitalization of $5.83 billion, a price-to-earnings ratio of 16.21 and a beta of 1.62.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a return on equity of 8.78% and a net margin of 37.16%. During the same quarter in the prior year, the firm posted $0.77 EPS. On average, analysts predict that PacWest Bancorp will post $2.98 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This piece of content was reported by Week Herald and is the property of of Week Herald. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright & trademark legislation. The legal version of this piece of content can be viewed at https://weekherald.com/2017/10/21/pacwest-bancorp-pacw-upgraded-by-zacks-investment-research-to-hold.html.

In other PacWest Bancorp news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction on Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, with a total value of $93,840.00. Following the acquisition, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.98% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in PacWest Bancorp by 3.1% in the 2nd quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock valued at $632,700,000 after buying an additional 404,986 shares during the last quarter. Vanguard Group Inc. grew its holdings in PacWest Bancorp by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 10,032,383 shares of the financial services provider’s stock valued at $468,512,000 after buying an additional 136,352 shares during the last quarter. State Street Corp grew its holdings in PacWest Bancorp by 15.0% in the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after buying an additional 771,015 shares during the last quarter. Wells Fargo & Company MN grew its holdings in PacWest Bancorp by 10.9% in the 2nd quarter. Wells Fargo & Company MN now owns 4,054,991 shares of the financial services provider’s stock valued at $189,368,000 after buying an additional 396,934 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in PacWest Bancorp by 112.6% in the 2nd quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after buying an additional 1,789,571 shares during the last quarter. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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.

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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.

Leave a Reply