PacWest Bancorp (NASDAQ:PACW) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Several other brokerages have also issued reports on PACW. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Wednesday, January 24th. B. Riley reissued a “neutral” rating and set a $55.00 target price (up from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. BMO Capital Markets increased their target price on shares of PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a research note on Friday, January 19th. DA Davidson reissued a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research note on Friday, January 19th. Finally, SunTrust Banks reissued a “hold” rating and set a $54.00 target price on shares of PacWest Bancorp in a research note on Tuesday, January 9th. Nine research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. PacWest Bancorp currently has an average rating of “Hold” and a consensus price target of $55.18.

Shares of PacWest Bancorp (NASDAQ PACW) opened at $51.60 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. PacWest Bancorp has a 12 month low of $43.08 and a 12 month high of $57.53. The company has a market cap of $6,479.07, a price-to-earnings ratio of 17.67, a PEG ratio of 1.46 and a beta of 1.52.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. The firm had revenue of $289.75 million during the quarter, compared to the consensus estimate of $297.74 million. During the same period in the prior year, the company posted $0.71 earnings per share. sell-side analysts anticipate that PacWest Bancorp will post 3.46 earnings per share for the current year.

PacWest Bancorp declared that its Board of Directors has initiated a stock buyback 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 typically an indication that the company’s leadership believes its shares are undervalued.

In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.98% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in PacWest Bancorp by 5.0% during the fourth quarter. BlackRock Inc. now owns 13,945,196 shares of the financial services provider’s stock worth $702,839,000 after buying an additional 659,918 shares during the last quarter. State Street Corp raised its holdings in PacWest Bancorp by 15.0% during the second quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after buying an additional 771,015 shares during the last quarter. Wells Fargo & Company MN raised its holdings in PacWest Bancorp by 10.8% during the fourth quarter. Wells Fargo & Company MN now owns 4,815,057 shares of the financial services provider’s stock worth $242,679,000 after buying an additional 468,841 shares during the last quarter. Principal Financial Group Inc. raised its holdings in PacWest Bancorp by 2.7% during the third quarter. Principal Financial Group Inc. now owns 3,469,993 shares of the financial services provider’s stock worth $175,270,000 after buying an additional 90,968 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in PacWest Bancorp by 3.9% during the third quarter. Ameriprise Financial Inc. now owns 3,360,492 shares of the financial services provider’s stock worth $169,738,000 after buying an additional 125,503 shares during the last quarter. Hedge funds and other institutional investors own 82.41% 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.

Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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