Raymond James Financial upgraded shares of PacWest Bancorp (NASDAQ:PACW) from a market perform rating to a strong-buy rating in a report released on Tuesday morning, MarketBeat reports.
A number of other research firms also recently commented on PACW. B. Riley restated a neutral rating and set a $55.00 price objective (up from $52.00) on shares of PacWest Bancorp in a report on Monday, January 22nd. Zacks Investment Research upgraded PacWest Bancorp from a hold rating to a buy rating and set a $60.00 price objective for the company in a report on Wednesday, January 24th. BMO Capital Markets upped their price objective on PacWest Bancorp to $56.00 and gave the stock a market perform rating in a report on Friday, January 19th. DA Davidson restated a buy rating and set a $59.00 price objective on shares of PacWest Bancorp in a report on Friday, January 19th. Finally, BidaskClub downgraded PacWest Bancorp from a hold rating to a sell rating in a report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $54.73.
PACW stock opened at $48.61 on Tuesday. The firm has a market cap of $6,178.85, a PE ratio of 16.85, a PEG ratio of 1.42 and a beta of 1.45. 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 52 week low of $43.08 and a 52 week high of $54.86.
PacWest Bancorp announced that its Board of Directors has authorized a share repurchase program on Friday, February 16th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
In related 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.01% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in PACW. SWS Partners purchased a new position in PacWest Bancorp in the 4th quarter valued at about $110,000. Captrust Financial Advisors purchased a new position in PacWest Bancorp in the 4th quarter valued at about $111,000. Steward Partners Investment Advisory LLC purchased a new position in PacWest Bancorp in the 3rd quarter valued at about $122,000. Cerebellum GP LLC purchased a new position in PacWest Bancorp in the 4th quarter valued at about $135,000. Finally, Bessemer Group Inc. purchased a new position in PacWest Bancorp in the 4th quarter valued at about $144,000. 88.47% of the stock is owned by hedge funds and other institutional investors.
PacWest Bancorp Company Profile
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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