PacWest Bancorp (NASDAQ:PACW) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

Other analysts have also issued research reports about the company. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, January 24th. DA Davidson reiterated a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, January 19th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, December 22nd. BMO Capital Markets reiterated a “hold” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Finally, BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Ten analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. PacWest Bancorp has a consensus rating of “Hold” and an average target price of $55.18.

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Shares of PacWest Bancorp (NASDAQ PACW) opened at $51.68 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. The company has a market capitalization of $6,574.42, a price-to-earnings ratio of 17.70, a P/E/G ratio of 1.51 and a beta of 1.45. PacWest Bancorp has a one year low of $43.08 and a one year high of $54.86.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.08). The company had revenue of $289.75 million during the quarter, compared to analyst estimates of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same period in the prior year, the firm earned $0.71 EPS. equities analysts forecast that PacWest Bancorp will post 3.46 earnings per share for the current year.

PacWest Bancorp declared that its Board of Directors has initiated a stock buyback plan on Friday, February 16th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.98% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PACW. Millennium Management LLC raised its position in shares of PacWest Bancorp by 66.5% during the fourth quarter. Millennium Management LLC now owns 2,747,060 shares of the financial services provider’s stock worth $138,452,000 after acquiring an additional 1,097,347 shares during the last quarter. TimesSquare Capital Management LLC bought a new stake in shares of PacWest Bancorp during the fourth quarter worth $54,331,000. Janus Henderson Group PLC raised its position in shares of PacWest Bancorp by 34.1% during the third quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock worth $157,610,000 after acquiring an additional 794,113 shares during the last quarter. BlackRock Inc. raised its position in shares of PacWest Bancorp by 5.0% during the fourth quarter. BlackRock Inc. now owns 13,945,196 shares of the financial services provider’s stock worth $702,839,000 after acquiring an additional 659,918 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in shares of PacWest Bancorp by 86.1% during the third quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock worth $56,907,000 after acquiring an additional 521,327 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

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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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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.

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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