A number of other research firms have also weighed in on PACW. ValuEngine raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 12th. Royal Bank of Canada initiated coverage on shares of PacWest Bancorp in a research report on Friday, August 23rd. They issued an “outperform” rating and a $40.00 price target on the stock. SunTrust Banks cut their price target on PacWest Bancorp from $40.00 to $39.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 15th. Finally, TheStreet downgraded PacWest Bancorp from a “b-” rating to a “c+” rating in a research note on Tuesday, August 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $41.67.
Shares of PacWest Bancorp stock opened at $37.77 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.96 and a current ratio of 0.96. PacWest Bancorp has a 52 week low of $31.16 and a 52 week high of $41.60. The stock has a 50 day moving average price of $37.90 and a two-hundred day moving average price of $36.94. The stock has a market capitalization of $4.46 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 1.00 and a beta of 1.47.
In other PacWest Bancorp news, EVP Mark A. Christian sold 9,500 shares of PacWest Bancorp stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $37.89, for a total transaction of $359,955.00. Following the transaction, the executive vice president now owns 24,781 shares of the company’s stock, valued at approximately $938,952.09. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.18% of the company’s stock.
Several institutional investors have recently made changes to their positions in PACW. Resources Management Corp CT ADV bought a new position in PacWest Bancorp during the third quarter valued at about $545,000. Millennium Management LLC boosted its stake in PacWest Bancorp by 125.9% in the third quarter. Millennium Management LLC now owns 516,145 shares of the financial services provider’s stock valued at $18,756,000 after acquiring an additional 2,510,345 shares during the last quarter. Signet Financial Management LLC boosted its stake in PacWest Bancorp by 8.6% in the third quarter. Signet Financial Management LLC now owns 15,846 shares of the financial services provider’s stock valued at $620,000 after acquiring an additional 1,260 shares during the last quarter. Squarepoint Ops LLC boosted its stake in PacWest Bancorp by 8.5% in the third quarter. Squarepoint Ops LLC now owns 76,035 shares of the financial services provider’s stock valued at $2,763,000 after acquiring an additional 5,932 shares during the last quarter. Finally, Bank of Hawaii bought a new position in shares of PacWest Bancorp during the 3rd quarter valued at approximately $225,000. 86.50% of the stock is owned by hedge funds and other institutional investors.
PacWest Bancorp Company Profile
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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