Zacks Investment Research Lowers PacWest Bancorp (PACW) to Hold
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. “
Other analysts have also issued research reports about the company. Wells Fargo & Company lowered PacWest Bancorp from an outperform rating to a market perform rating in a report on Tuesday, October 4th. They noted that the move was a valuation call. Raymond James Financial, Inc. started coverage on PacWest Bancorp in a report on Tuesday, December 6th. They issued an outperform rating and a $57.00 target price for the company. Finally, JMP Securities started coverage on PacWest Bancorp in a report on Friday, September 16th. They issued an outperform rating and a $48.00 target price for the company. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $48.50.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 55.41 on Friday. The stock has a market cap of $6.59 billion, a P/E ratio of 19.88 and a beta of 1.55. PacWest Bancorp has a one year low of $29.05 and a one year high of $56.46. The stock’s 50 day moving average is $53.62 and its 200-day moving average is $44.93.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.80% and a net margin of 30.41%. During the same quarter last year, the firm posted $0.63 earnings per share. On average, equities analysts forecast that PacWest Bancorp will post $2.90 EPS for the current year.
In other news, EVP Mark A. Christian sold 7,000 shares of the firm’s stock in a transaction dated Thursday, October 20th. The stock was sold at an average price of $41.61, for a total value of $291,270.00. Following the sale, the executive vice president now directly owns 22,451 shares of the company’s stock, valued at $934,186.11. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Bryan M. Corsini sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 9th. The shares were sold at an average price of $54.71, for a total value of $547,100.00. Following the completion of the sale, the executive vice president now directly owns 63,085 shares in the company, valued at $3,451,380.35. The disclosure for this sale can be found here. Company insiders own 1.43% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Synovus Financial Corp increased its stake in shares of PacWest Bancorp by 17.7% in the second quarter. Synovus Financial Corp now owns 118,241 shares of the financial services provider’s stock valued at $4,705,000 after buying an additional 17,764 shares in the last quarter. Context BH Capital Management LP increased its stake in shares of PacWest Bancorp by 37.1% in the second quarter. Context BH Capital Management LP now owns 120,257 shares of the financial services provider’s stock valued at $4,784,000 after buying an additional 32,513 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp increased its stake in shares of PacWest Bancorp by 27.7% in the second quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 196,167 shares of the financial services provider’s stock valued at $7,804,000 after buying an additional 42,567 shares in the last quarter. Channing Capital Management LLC increased its stake in shares of PacWest Bancorp by 3.8% in the second quarter. Channing Capital Management LLC now owns 1,742,423 shares of the financial services provider’s stock valued at $69,314,000 after buying an additional 64,051 shares in the last quarter. Finally, Bbva Compass Bancshares Inc. acquired a new stake in shares of PacWest Bancorp during the second quarter valued at about $205,000. 89.87% of the stock is currently owned by 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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