PacWest Bancorp (PACW) Price Target Lowered to $50.00 at BMO Capital Markets
PacWest Bancorp (NASDAQ:PACW) had its price objective lowered by BMO Capital Markets from $52.00 to $50.00 in a research note released on Wednesday morning. The firm currently has a market perform rating on the financial services provider’s stock.
Other analysts have also issued research reports about the stock. Sandler O’Neill restated a buy rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Monday, June 25th. BidaskClub lowered shares of PacWest Bancorp from a sell rating to a strong sell rating in a research report on Saturday, September 15th. Zacks Investment Research lowered shares of PacWest Bancorp from a buy rating to a hold rating in a research report on Saturday, July 28th. Stephens restated a buy rating and set a $58.00 target price on shares of PacWest Bancorp in a research report on Wednesday, September 12th. Finally, Wells Fargo & Co set a $51.00 target price on shares of PacWest Bancorp and gave the stock a hold rating in a research report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $54.42.
Shares of PACW stock traded down $0.25 during trading hours on Wednesday, hitting $43.99. The company’s stock had a trading volume of 53,457 shares, compared to its average volume of 861,895. The firm has a market capitalization of $5.83 billion, a PE ratio of 15.16, a P/E/G ratio of 1.28 and a beta of 1.41. PacWest Bancorp has a twelve month low of $43.28 and a twelve month high of $55.86. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.95 and a quick ratio of 0.95.
In other news, Director Tanya M. Acker bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were purchased at an average price of $50.26 per share, for a total transaction of $50,260.00. Following the completion of the transaction, the director now owns 3,900 shares in the company, valued at $196,014. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.01% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PACW. Wells Fargo & Company MN raised its stake in PacWest Bancorp by 0.5% during the second quarter. Wells Fargo & Company MN now owns 4,572,333 shares of the financial services provider’s stock worth $225,965,000 after purchasing an additional 20,625 shares during the period. Janus Henderson Group PLC raised its stake in PacWest Bancorp by 3.7% during the second quarter. Janus Henderson Group PLC now owns 3,323,675 shares of the financial services provider’s stock worth $164,256,000 after purchasing an additional 119,919 shares during the period. Dimensional Fund Advisors LP raised its stake in PacWest Bancorp by 2.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,227,791 shares of the financial services provider’s stock worth $159,526,000 after purchasing an additional 71,944 shares during the period. Victory Capital Management Inc. raised its stake in PacWest Bancorp by 2.5% during the second quarter. Victory Capital Management Inc. now owns 1,360,134 shares of the financial services provider’s stock worth $67,218,000 after purchasing an additional 33,372 shares during the period. Finally, Raymond James & Associates raised its stake in PacWest Bancorp by 186.2% during the second quarter. Raymond James & Associates now owns 1,167,557 shares of the financial services provider’s stock worth $57,701,000 after purchasing an additional 759,615 shares during the period. Hedge funds and other institutional investors own 87.42% of the company’s stock.
About PacWest Bancorp
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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