Shares of PacWest Bancorp (NASDAQ:PACW) have been assigned a consensus recommendation of “Hold” from the ten ratings firms that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $25.80.
A number of research analysts have recently issued reports on the company. TheStreet raised PacWest Bancorp from a “d+” rating to a “c-” rating in a report on Tuesday, November 17th. Raymond James downgraded PacWest Bancorp from a “strong-buy” rating to a “market perform” rating in a report on Monday, November 23rd. Zacks Investment Research downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, January 5th. BidaskClub upgraded PacWest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, January 7th. Finally, Wells Fargo & Company upgraded PacWest Bancorp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $20.00 to $29.00 in a report on Monday, January 4th.
Institutional investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC acquired a new stake in PacWest Bancorp in the 2nd quarter worth about $40,000. CI Investments Inc. bought a new position in PacWest Bancorp in the 3rd quarter worth approximately $43,000. Cerebellum GP LLC increased its position in shares of PacWest Bancorp by 40.9% during the 3rd quarter. Cerebellum GP LLC now owns 3,771 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 1,095 shares during the last quarter. NEXT Financial Group Inc purchased a new position in shares of PacWest Bancorp during the third quarter valued at approximately $102,000. Finally, Macquarie Group Ltd. boosted its stake in shares of PacWest Bancorp by 28.6% during the 2nd quarter. Macquarie Group Ltd. now owns 5,529 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 1,229 shares during the last quarter. Institutional investors and hedge funds own 79.90% of the company’s stock.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Monday, October 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.25). PacWest Bancorp had a negative net margin of 98.27% and a positive return on equity of 5.96%. The business had revenue of $289.58 million during the quarter, compared to the consensus estimate of $284.53 million. During the same period last year, the company posted $1.07 earnings per share. As a group, research analysts forecast that PacWest Bancorp will post 1.58 earnings per share for the current fiscal year.
PacWest Bancorp Company Profile
PacWest Bancorp operates as the holding company for Pacific Western 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, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial companies; and equipment-secured loans and leases.
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