PacWest Bancorp (PACW) Downgraded by Wells Fargo & Co.
PacWest Bancorp (NASDAQ:PACW) was downgraded by analysts at Wells Fargo & Co. from an “outperform” rating to a “market perform” rating in a report released on Tuesday. The analysts noted that the move was a valuation call.
Several other brokerages have also issued reports on PACW. JMP Securities started coverage on PacWest Bancorp in a research note on Friday, September 16th. They issued an “outperform” rating and a $48.00 target price on the stock. BMO Capital Markets restated a “hold” rating on shares of PacWest Bancorp in a research note on Thursday, July 7th. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. DA Davidson lowered PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Monday, July 18th. They noted that the move was a valuation call. Finally, FBR & Co restated an “outperform” rating and issued a $46.00 target price (down from $48.00) on shares of PacWest Bancorp in a research note on Monday, July 18th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. PacWest Bancorp presently has an average rating of “Hold” and an average target price of $45.43.
Shares of PacWest Bancorp (NASDAQ:PACW) traded down 0.85% during mid-day trading on Tuesday, hitting $42.08. The stock had a trading volume of 114,097 shares. The stock has a market cap of $5.07 billion, a P/E ratio of 15.65 and a beta of 1.64. PacWest Bancorp has a 12 month low of $29.05 and a 12 month high of $48.00. The firm has a 50 day moving average price of $42.53 and a 200-day moving average price of $40.24.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Friday, July 15th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%. During the same period in the prior year, the business earned $0.70 earnings per share. On average, equities research analysts forecast that PacWest Bancorp will post $2.86 EPS for the current year.
In other PacWest Bancorp news, EVP Kori Ogrosky sold 2,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $41.07, for a total value of $82,140.00. Following the transaction, the executive vice president now directly owns 42,283 shares in the company, valued at approximately $1,736,562.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John M. Eggemeyer III sold 270,000 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $42.33, for a total value of $11,429,100.00. Following the completion of the transaction, the director now owns 257,940 shares in the company, valued at $10,918,600.20. The disclosure for this sale can be found here. 1.43% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the company. BlackRock Fund Advisors raised its position in shares of PacWest Bancorp by 111.8% in the first quarter. BlackRock Fund Advisors now owns 8,331,277 shares of the financial services provider’s stock worth $309,507,000 after buying an additional 4,397,698 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in PacWest Bancorp during the second quarter worth about $27,931,000. State Street Corp boosted its position in PacWest Bancorp by 15.0% in the first quarter. State Street Corp now owns 5,247,497 shares of the financial services provider’s stock worth $194,939,000 after buying an additional 682,679 shares during the last quarter. Victory Capital Management Inc. boosted its position in PacWest Bancorp by 119.1% in the second quarter. Victory Capital Management Inc. now owns 1,251,024 shares of the financial services provider’s stock worth $49,766,000 after buying an additional 680,018 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in PacWest Bancorp by 30.9% in the second quarter. Ameriprise Financial Inc. now owns 2,803,858 shares of the financial services provider’s stock worth $111,540,000 after buying an additional 662,207 shares during the last quarter. Institutional investors and hedge funds own 92.31% of the company’s stock.
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
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