PacWest Bancorp (NASDAQ: PACW – Get a rating) has been assigned an average “Buy” recommendation by the nine rating agencies that cover the stock, reports Marketbeat.com. Two equity research analysts rated the stock with a hold recommendation, three gave the company a buy recommendation and one gave the company a strong buy recommendation. The 12-month average price target among analysts who have covered the stock over the past year is $53.00.
Several research analysts have weighed in on PACW shares. Wells Fargo & Company cut its price target on PacWest Bancorp from $60.00 to $50.00 and set an “overweight” rating for the company in a Thursday, April 21 report. Wedbush reduced its price target on PacWest Bancorp from $52.00 to $45.00 in a Wednesday, April 20 report. Stephens cut his price target on PacWest Bancorp to $48.00 in a report on Friday. Zacks Investment Research downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, April 12. Finally, Raymond James cut his price target on PacWest Bancorp from $62.00 to $51.00 and set a “Strong Buy” rating for the company in a Thursday, April 21 report.
Several large investors have recently changed their stake in the company. Vanguard Group Inc. increased its holdings of PacWest Bancorp shares by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider worth $591,854,000 after purchasing an additional 336,055 shares during the period. BlackRock Inc. increased its holdings of PacWest Bancorp shares by 0.8% during the 1st quarter. BlackRock Inc. now owns 9,989,212 shares of the financial services provider worth $430,835,000 after purchasing an additional 80,182 shares during the period. State Street Corp increased its holdings of PacWest Bancorp shares 2.2% in Q1. State Street Corp now owns 5,630,663 shares of the financial services provider worth $242,850,000 after purchasing an additional 122,587 shares during the period. Invesco Ltd. increased its holdings of PacWest Bancorp shares by 354.9% in Q1. Invesco Ltd. now owns 3,082,898 shares of the financial services provider worth $132,965,000 after purchasing an additional 2,405,127 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of PacWest Bancorp by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,055,873 shares of the financial services provider worth $131,809,000 after purchasing an additional 78,424 shares during the period. Institutional investors and hedge funds hold 88.68% of the company’s shares.
PACW stock fell $0.57 on Friday, hitting $31.87. The company had a trading volume of 1,151,893 shares, compared to an average volume of 1,267,433 shares. PacWest Bancorp has a 1 year minimum of $28.77 and a 1 year maximum of $51.81. The company has a debt ratio of 0.51, a quick ratio of 0.78 and a current ratio of 0.78. The company’s fifty-day moving average is $34.96 and its 200-day moving average is $42.63. The company has a market capitalization of $3.74 billion, a P/E ratio of 6.58 and a beta of 1.42.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last reported results on Tuesday, April 19. The financial services provider reported earnings per share (EPS) of $1.01 for the quarter, missing analyst consensus estimates of $1.05 per ($0.04). The company posted revenue of $329.54 million in the quarter, compared to $342.21 million expected by analysts. PacWest Bancorp had a net margin of 41.84% and a return on equity of 14.96%. During the same period a year earlier, the company posted EPS of $1.27. On average, sell-side analysts expect PacWest Bancorp to post earnings per share of 4.43 for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 31. Shareholders of record on Monday, May 16 received a dividend of $0.25 per share. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Friday, May 13. PacWest Bancorp’s payout ratio is currently 20.66%.
PacWest Bancorp Company Profile (Get a rating)
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation and construction of commercial real estate; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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