PacWest Bancorp (PACW) Cut to Market Perform at Raymond James Financial, Inc.
Raymond James Financial, Inc. downgraded shares of PacWest Bancorp (NASDAQ:PACW) from an outperform rating to a market perform rating in a report issued on Wednesday, Marketbeat reports. The firm currently has $55.00 price target on the financial services provider’s stock.
PACW has been the topic of a number of other reports. BidaskClub upgraded shares of PacWest Bancorp from a strong sell rating to a sell rating in a research note on Friday, August 25th. SunTrust Banks, Inc. began coverage on shares of PacWest Bancorp in a research note on Friday, August 18th. They set a hold rating and a $49.00 price target on the stock. Zacks Investment Research cut shares of PacWest Bancorp from a hold rating to a sell rating in a research note on Friday, October 13th. ValuEngine upgraded shares of PacWest Bancorp from a hold rating to a buy rating in a research note on Thursday, July 6th. Finally, Stephens restated a buy rating and set a $56.00 price target on shares of PacWest Bancorp in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. PacWest Bancorp currently has a consensus rating of Hold and an average target price of $53.00.
Shares of PacWest Bancorp (NASDAQ:PACW) traded down $0.11 during mid-day trading on Wednesday, hitting $47.52. 510,650 shares of the company were exchanged, compared to its average volume of 975,050. The stock has a market cap of $5.70 billion, a PE ratio of 16.04, a P/E/G ratio of 1.60 and a beta of 1.60. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 12 month low of $41.28 and a 12 month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results 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 company had revenue of $273.07 million for the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period in the prior year, the company posted $0.77 EPS. sell-side analysts anticipate that PacWest Bancorp will post 2.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.21%. The ex-dividend date is Friday, November 17th. PacWest Bancorp’s dividend payout ratio is presently 67.57%.
In other news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction on Thursday, October 19th. The shares were acquired at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the purchase, 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 document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.98% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ffcm LLC raised its position in shares of PacWest Bancorp by 172.7% during the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,516 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of PacWest Bancorp by 12.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after buying an additional 468 shares in the last quarter. Creative Planning raised its position in shares of PacWest Bancorp by 17.3% during the 2nd quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after buying an additional 613 shares in the last quarter. Raymond James Trust N.A. purchased a new stake in shares of PacWest Bancorp during the 3rd quarter valued at $211,000. Finally, Charter Trust Co. raised its position in shares of PacWest Bancorp by 0.8% during the 2nd quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock valued at $222,000 after buying an additional 38 shares in the last quarter. Institutional investors and hedge funds own 87.58% of the company’s stock.
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. 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.
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