PacWest Bancorp (NASDAQ:PACW) Price Target Cut to $37.00
PacWest Bancorp (NASDAQ:PACW) had its target price reduced by investment analysts at BMO Capital Markets from $38.00 to $37.00 in a note issued to investors on Wednesday, BenzingaRatingsTable reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 4.70% from the company’s previous close.
A number of other equities analysts have also recently issued reports on PACW. SunTrust Banks cut their price objective on shares of PacWest Bancorp from $40.00 to $39.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, December 25th. BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, January 10th. Finally, ValuEngine upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $41.25.
NASDAQ PACW traded down $1.22 on Wednesday, reaching $35.34. The company had a trading volume of 79,476 shares, compared to its average volume of 793,448. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of 9.09, a P/E/G ratio of 1.08 and a beta of 1.47. PacWest Bancorp has a fifty-two week low of $32.64 and a fifty-two week high of $41.60. The business has a 50 day moving average of $37.87 and a two-hundred day moving average of $36.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.99 and a quick ratio of 0.96.
In other news, COO Mark Yung bought 2,670 shares of the stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average price of $37.37 per share, for a total transaction of $99,777.90. Following the acquisition, the chief operating officer now owns 55,558 shares of the company’s stock, valued at $2,076,202.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.18% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank increased its holdings in shares of PacWest Bancorp by 68,000.0% during the 4th quarter. Huntington National Bank now owns 681 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 680 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of PacWest Bancorp by 116.6% in the third quarter. Parallel Advisors LLC now owns 1,189 shares of the financial services provider’s stock valued at $43,000 after buying an additional 640 shares during the period. IFP Advisors Inc lifted its holdings in shares of PacWest Bancorp by 802.1% in the fourth quarter. IFP Advisors Inc now owns 1,759 shares of the financial services provider’s stock valued at $67,000 after buying an additional 1,564 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of PacWest Bancorp in the second quarter valued at $105,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in shares of PacWest Bancorp by 352.0% in the third quarter. Steward Partners Investment Advisory LLC now owns 3,634 shares of the financial services provider’s stock valued at $132,000 after buying an additional 2,830 shares during the period. Hedge funds and other institutional investors own 86.28% of the company’s stock.
About PacWest Bancorp
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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