PacWest Bancorp (PACW) Earning Somewhat Favorable Press Coverage, Study Shows
Media stories about PacWest Bancorp (NASDAQ:PACW) have trended somewhat positive recently, Accern reports. The research group identifies positive and negative press coverage by monitoring more than 20 million blog and news sources. Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. PacWest Bancorp earned a coverage optimism score of 0.24 on Accern’s scale. Accern also gave news coverage about the financial services provider an impact score of 45.3245886065402 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the next few days.
These are some of the media stories that may have effected Accern Sentiment’s scoring:
- Why You Shouldn’t Bet Against PacWest Bancorp (PACW) Stock (finance.yahoo.com)
- Why You Shouldn't Bet Against PacWest Bancorp (PACW) Stock (finance.yahoo.com)
- PacWest Bancorp (PACW) Receives Consensus Recommendation of “Hold” from Analysts (americanbankingnews.com)
- PacWest Bancorp to Post FY2018 Earnings of $3.49 Per Share, FIG Partners Forecasts (PACW) (americanbankingnews.com)
PacWest Bancorp (PACW) traded down $0.19 during trading on Wednesday, hitting $50.25. 927,655 shares of the company were exchanged, compared to its average volume of 1,030,000. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $57.53. The firm has a market cap of $6,480.00, a P/E ratio of 16.98, a PEG ratio of 1.60 and a beta of 1.59.
PacWest Bancorp announced that its Board of Directors has approved a share buyback plan on Thursday, November 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
A number of research analysts have recently issued reports on PACW shares. BMO Capital Markets restated a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research report on Wednesday, December 20th. FBR & Co downgraded shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Wednesday, October 18th. BidaskClub upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. B. Riley reiterated a “hold” rating and set a $50.00 target price on shares of PacWest Bancorp in a research report on Monday, December 11th. Finally, Raymond James Financial downgraded shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 target price on the stock. in a research report on Wednesday, November 1st. Ten equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $53.18.
In other PacWest Bancorp news, CFO Patrick J. Rusnak purchased 2,000 shares of the firm’s stock in a transaction on Thursday, October 19th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.98% 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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