PacWest Bancorp (PACW) Coverage Initiated at JMP Securities
Equities research analysts at JMP Securities began coverage on shares of PacWest Bancorp (NASDAQ:PACW) in a research report issued on Friday. The brokerage set an “outperform” rating and a $48.00 price target on the financial services provider’s stock. JMP Securities’ price objective indicates a potential upside of 13.18% from the company’s previous close.
Several other research analysts have also weighed in on PACW. BMO Capital Markets reaffirmed a “hold” rating on shares of PacWest Bancorp in a research note on Thursday, July 7th. FBR & Co reissued an “outperform” rating and set a $46.00 price target (down previously from $48.00) on shares of PacWest Bancorp in a research report on Monday, July 18th. DA Davidson cut shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research report on Monday, July 18th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $45.43.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 42.41 on Friday. The stock has a market cap of $5.11 billion, a P/E ratio of 15.78 and a beta of 1.66. PacWest Bancorp has a 52-week low of $29.05 and a 52-week high of $48.00. The firm’s 50-day moving average is $42.18 and its 200 day moving average is $39.76.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Friday, July 15th. The financial services provider reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. PacWest Bancorp had a return on equity of 7.57% and a net margin of 29.59%. During the same quarter in the previous year, the business posted $0.70 EPS. Analysts forecast that PacWest Bancorp will post $2.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Monday, August 15th were issued a $0.50 dividend. The ex-dividend date was Thursday, August 11th. This represents a $2.00 annualized dividend and a yield of 4.72%. 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 that occurred on Friday, July 22nd. The shares were sold at an average price of $41.07, for a total value of $82,140.00. Following the sale, the executive vice president now owns 42,283 shares of the company’s stock, valued at $1,736,562.81. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John M. Eggemeyer III sold 270,000 shares of the firm’s stock in a transaction that occurred on 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 directly owns 257,940 shares in the company, valued at approximately $10,918,600.20. The disclosure for this sale can be found here. 1.43% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in shares of PacWest Bancorp during the fourth quarter valued at approximately $51,272,000. Quantitative Systematic Strategies LLC bought a new position in shares of PacWest Bancorp during the first quarter valued at approximately $1,496,000. Aperio Group LLC raised its position in shares of PacWest Bancorp by 8.6% in the first quarter. Aperio Group LLC now owns 39,549 shares of the financial services provider’s stock valued at $1,469,000 after buying an additional 3,117 shares in the last quarter. Nisa Investment Advisors L.L.C. raised its position in shares of PacWest Bancorp by 54.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 41,200 shares of the financial services provider’s stock valued at $1,531,000 after buying an additional 14,600 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of PacWest Bancorp by 0.5% in the first quarter. TIAA CREF Investment Management LLC now owns 458,470 shares of the financial services provider’s stock valued at $17,032,000 after buying an additional 2,135 shares in the last quarter. 92.31% of the stock is currently owned by hedge funds and other institutional investors.
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.
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