PacWest Bancorp (NASDAQ:PACW) reduced to “Market Perform” at Raymond James
PacWest Bancorp (NASDAQ: PACW – Get a rating) was downgraded by Raymond James research analysts from a “strong buy” rating to a “market performance” rating in a research report released Thursday, Fly reports.
Several other brokerages have also recently commented on PACW. StockNews.com began covering shares of PacWest Bancorp in a report on Thursday, March 31. They have placed a “holding” rating on the stock. Piper Sandler lowered her target price on shares of PacWest Bancorp to $40.00 in a Monday, July 4 report. Truist Financial lowered its price target on shares of PacWest Bancorp from $45.00 to $38.00 and set a “buy” rating on the stock in a Monday, June 13 report. Stephens cut his price target on shares of PacWest Bancorp to $48.00 in a Friday, June 3 research note. Finally, Wedbush reduced its price target on PacWest Bancorp shares from $52.00 to $45.00 in a Wednesday, April 20 research note. Three research analysts rated the stock with a hold rating and four gave the company a buy rating. Based on MarketBeat data, PacWest Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $46.71.
Shares of PACW Stock opened at $27.45 on Thursday. The company has a 50-day moving average price of $29.57 and a two-hundred-day moving average price of $39.54. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt ratio of 0.51. The company has a market capitalization of $3.22 billion, a PE ratio of 5.67 and a beta of 1.44. PacWest Bancorp has a 12-month low of $25.60 and a 12-month high of $51.81.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last released its quarterly earnings data on Tuesday, April 19. The financial services provider reported earnings per share (EPS) of $1.01 for the quarter, missing the consensus estimate of $1.05 per ($0.04). PacWest Bancorp had a return on equity of 14.96% and a net margin of 41.84%. The company posted revenue of $329.54 million for the quarter, versus analyst estimates of $342.21 million. In the same quarter last year, the company earned earnings per share of $1.27. As a group, research analysts expect PacWest Bancorp to post EPS of 4.31 for the current year.
Separately, CEO Matthew P. Wagner purchased 20,000 shares of the company in a transaction on Monday, June 6. The shares were purchased at an average price of $25.00 per share, for a total transaction of $500,000.00. Following completion of the transaction, the CEO now directly owns 20,000 shares of the company, valued at approximately $500,000. The acquisition was disclosed in a filing with the SEC, accessible via the SEC website. Additionally, Executive Vice President Rebecca H. Cordes purchased 10,000 shares of the company in a transaction on Monday, June 6. The stock was purchased at an average price of $25.00 per share, for a total transaction of $250,000.00. Following the transaction, the executive vice president now directly owns 10,000 shares of the company, valued at $250,000. Disclosure of this purchase can be found here. Insiders acquired 42,000 shares of the company worth $1,050,000 in the past 90 days. Insiders of the company hold 1.25% of the shares of the company.
Several large investors have recently changed their stake in the company. Vanguard Group Inc. increased its holdings of PacWest Bancorp shares by 2.5% in the first quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider worth $591,854,000 after purchasing an additional 336,055 shares during the period. BlackRock Inc. increased its holdings of PacWest Bancorp shares by 0.8% in the first quarter. BlackRock Inc. now owns 9,989,212 shares of the financial services provider worth $430,835,000 after purchasing an additional 80,182 shares during the period. State Street Corp increased its holdings of PacWest Bancorp shares 2.2% in the first quarter. State Street Corp now owns 5,630,663 shares of the financial services provider worth $242,850,000 after purchasing an additional 122,587 shares during the period. Invesco Ltd. increased its holdings of PacWest Bancorp shares by 354.9% in the first quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider worth $132,965,000 after purchasing an additional 2,405,127 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings of PacWest Bancorp shares by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,055,873 shares of the financial services provider worth $131,809,000 after purchasing an additional 78,424 shares during the period. Institutional investors hold 88.68% of the company’s shares.
About PacWest Bancorp (Get a rating)
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation and construction of commercial real estate; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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