PacWest Bancorp (PACW) Stock Rating Reaffirmed by SunTrust Banks
PacWest Bancorp (NASDAQ:PACW)‘s stock had its “hold” rating reiterated by equities researchers at SunTrust Banks in a research note issued on Tuesday. They presently have a $54.00 target price on the financial services provider’s stock. SunTrust Banks’ price target would indicate a potential upside of 3.61% from the stock’s current price. SunTrust Banks also issued estimates for PacWest Bancorp’s Q1 2018 earnings at $0.80 EPS, Q2 2018 earnings at $0.83 EPS, Q3 2018 earnings at $0.88 EPS, Q4 2018 earnings at $0.90 EPS, FY2018 earnings at $3.41 EPS, Q1 2019 earnings at $0.92 EPS, Q2 2019 earnings at $0.94 EPS, Q3 2019 earnings at $0.98 EPS, Q4 2019 earnings at $1.01 EPS and FY2019 earnings at $3.85 EPS.
PACW has been the subject of several other research reports. Raymond James Financial downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. UBS Group downgraded shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. Piper Jaffray Companies reissued a “buy” rating and issued a $54.00 price target on shares of PacWest Bancorp in a research report on Thursday, October 19th. Finally, BMO Capital Markets reduced their price target on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. Ten analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $53.64.
Shares of PacWest Bancorp (NASDAQ PACW) opened at $52.12 on Tuesday. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $57.53. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $6,720.00, a price-to-earnings ratio of 17.61, a P/E/G ratio of 1.60 and a beta of 1.59.
PacWest Bancorp declared that its Board of Directors has authorized a stock repurchase plan 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 repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In related news, CFO Patrick J. Rusnak acquired 2,000 shares of the company’s 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 owns 77,852 shares in the company, valued at $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.98% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the business. BlackRock Inc. raised its stake in shares of PacWest Bancorp by 3.1% during the 2nd quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock worth $632,700,000 after purchasing an additional 404,986 shares during the period. Vanguard Group Inc. raised its stake in shares of PacWest Bancorp by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 10,032,383 shares of the financial services provider’s stock worth $468,512,000 after purchasing an additional 136,352 shares during the period. State Street Corp raised its stake in shares of PacWest Bancorp by 15.0% during the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after purchasing an additional 771,015 shares during the period. Wells Fargo & Company MN raised its stake in shares of PacWest Bancorp by 7.2% during the 3rd quarter. Wells Fargo & Company MN now owns 4,346,216 shares of the financial services provider’s stock worth $219,528,000 after purchasing an additional 291,225 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of PacWest Bancorp by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 3,469,993 shares of the financial services provider’s stock worth $175,270,000 after purchasing an additional 90,968 shares during the period. Institutional investors and hedge funds own 82.37% of the company’s stock.
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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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