PacWest Bancorp (NASDAQ:PACW) Receives Consensus “Buy” Rating from Brokerages
PacWest Bancorp (NASDAQ: PACW – Get a rating) received an average “Buy” rating from the eight brokerages that currently cover the stock, Marketbeat.com reports. One analyst rated the stock with a hold rating, four issued a buy rating and one gave the company a strong buy rating. The 12-month average price target among analysts who have updated their coverage of the stock over the past year is $56.00.
Several equity analysts have recently commented on the company. Raymond James raised his price target on PacWest Bancorp from $59.00 to $62.00 and gave the company a “Strong Buy” rating in a Friday, January 21 research report. Truist Financial raised its target price on PacWest Bancorp from $55.00 to $60.00 in a Friday, January 21 research report. Ultimately, Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a target price of $53.00 on the stock in a Thursday, Jan. 6 research report.
PACW shares rose $0.13 during Monday trading hours, hitting $44.98. The stock recorded a trading volume of 7,648 shares, compared to an average volume of 1,048,874 shares. The company has a debt ratio of 0.22, a current ratio of 0.75 and a quick ratio of 0.75. PacWest Bancorp has a 12-month low of $35.71 and a 12-month high of $51.81. The company has a market capitalization of $5.28 billion, a PE ratio of 8.82 and a beta of 1.38. The stock has a fifty-day moving average price of $47.52 and a 200-day moving average price of $46.47.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last released its quarterly results on Wednesday, January 19. The financial services provider reported earnings per share (EPS) of $1.14 for the quarter, beating Thomson Reuters consensus estimate of $1.06 by $0.08. PacWest Bancorp had a return on equity of 15.75% and a net margin of 44.87%. The company posted revenue of $357.79 million in the quarter, versus analyst estimates of $334.96 million. In the same quarter a year earlier, the company posted earnings per share of $1.02. As a group, analysts expect PacWest Bancorp to post EPS of 4.52 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 28. Investors of record on Tuesday, February 15 received a dividend of $0.25. The ex-dividend date was Monday, February 14. This represents an annualized dividend of $1.00 and a dividend yield of 2.22%. PacWest Bancorp’s payout ratio is currently 19.61%.
In other PacWest Bancorp news, Executive Vice President Bryan M. Corsini sold 1,139 shares of the company in a trade dated Thursday, March 3. The shares were sold at an average price of $47.85, for a total value of $54,501.15. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Insiders own 1.30% of the shares of the company.
Several hedge funds have recently changed their holdings in the company. River Oaks Capital LLC acquired a new stake in PacWest Bancorp in Q4 for a value of approximately $2,268,000. Allspring Global Investments Holdings LLC acquired a new stake in PacWest Bancorp in Q4 for a value of approximately $99,414,000. Norges Bank acquired a new stake in PacWest Bancorp in Q4 for a value of approximately $49,491,000. William Blair Investment Management LLC increased its position in PacWest Bancorp by 215.6% in the third quarter. William Blair Investment Management LLC now owns 1,287,810 shares of the financial services provider worth $58,364,000 after buying an additional 879,754 shares last quarter. Finally, Balyasny Asset Management LLC purchased a new stake in PacWest Bancorp in Q3 for a value of approximately $36,103,000. Institutional investors and hedge funds hold 89.47% of the company’s shares.
About PacWest Bancorp (Get a rating)
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation and construction of commercial real estate; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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