PacWest Bancorp (PACW) Rating Reiterated by B. Riley
Other analysts have also recently issued research reports about the company. SunTrust Banks started coverage on PacWest Bancorp in a report on Friday, August 18th. They issued a hold rating and a $49.00 price target for the company. Zacks Investment Research lowered PacWest Bancorp from a hold rating to a sell rating in a research note on Friday, October 13th. Raymond James Financial lowered PacWest Bancorp from a strong-buy rating to an outperform rating in a research note on Tuesday, October 17th. Piper Jaffray Companies reaffirmed a buy rating and issued a $54.00 price objective on shares of PacWest Bancorp in a research note on Thursday, October 19th. Finally, BMO Capital Markets reduced their price objective on PacWest Bancorp from $49.00 to $48.00 and set a market perform rating on the stock in a research note on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $52.73.
Shares of PacWest Bancorp (PACW) opened at $47.00 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $6,272.72, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.64 and a beta of 1.59. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.75 by $0.09. The company had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same quarter in the previous year, the business earned $0.77 EPS. equities research analysts forecast that PacWest Bancorp will post 2.97 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Monday, November 20th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.26%. The ex-dividend date was Friday, November 17th. PacWest Bancorp’s dividend payout ratio is currently 67.34%.
PacWest Bancorp declared that its board has approved a stock repurchase program on Thursday, November 16th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In related news, CFO Patrick J. Rusnak purchased 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, October 19th. The shares were purchased at an average cost of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.98% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of Nova Scotia acquired a new position in PacWest Bancorp during the 2nd quarter worth approximately $1,742,000. Synovus Financial Corp raised its position in shares of PacWest Bancorp by 9.3% in the 2nd quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock valued at $6,641,000 after purchasing an additional 12,055 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of PacWest Bancorp by 4.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock valued at $59,942,000 after purchasing an additional 59,603 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of PacWest Bancorp by 11.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock valued at $75,653,000 after purchasing an additional 167,575 shares in the last quarter. Finally, Heartland Advisors Inc. raised its position in shares of PacWest Bancorp by 20.1% in the 2nd quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock valued at $11,217,000 after purchasing an additional 40,200 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.
About PacWest Bancorp
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.
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