BMO Capital Markets Raises PacWest Bancorp (PACW) Price Target to $56.00

PacWest Bancorp (NASDAQ:PACW) had its price objective increased by BMO Capital Markets to $56.00 in a research note issued to investors on Friday morning, The Fly reports. The firm currently has a market perform rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on PACW. FBR & Co downgraded shares of PacWest Bancorp from a buy rating to a neutral rating and set a $50.00 price objective on the stock. in a research note on Wednesday, October 18th. BidaskClub upgraded shares of PacWest Bancorp from a sell rating to a hold rating in a research note on Wednesday, December 20th. B. Riley reiterated a hold rating and set a $50.00 price objective on shares of PacWest Bancorp in a research note on Monday, December 11th. Raymond James Financial downgraded shares of PacWest Bancorp from an outperform rating to a market perform rating and set a $55.00 price objective on the stock. in a research note on Wednesday, November 1st. Finally, Zacks Investment Research upgraded shares of PacWest Bancorp from a sell rating to a hold rating in a research note on Friday, October 20th. Ten research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $54.82.

Shares of PacWest Bancorp (NASDAQ PACW) traded up $1.31 during mid-day trading on Friday, reaching $53.95. 999,249 shares of the company’s stock were exchanged, compared to its average volume of 732,194. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $6,787.17, a P/E ratio of 18.48, a P/E/G ratio of 1.58 and a beta of 1.59. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.53.

PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.83%. The business had revenue of $289.75 million for the quarter, compared to the consensus estimate of $297.74 million. During the same quarter in the prior year, the business posted $0.71 earnings per share. analysts expect that PacWest Bancorp will post 3.33 earnings per share for the current fiscal year.

PacWest Bancorp announced that its board has approved a share buyback plan on Thursday, November 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Large investors have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC purchased a new stake in PacWest Bancorp during the third quarter valued at approximately $122,000. Raymond James Trust N.A. purchased a new stake in PacWest Bancorp during the third quarter valued at approximately $211,000. CIBC Asset Management Inc purchased a new stake in PacWest Bancorp during the third quarter valued at approximately $213,000. 1st Global Advisors Inc. lifted its position in PacWest Bancorp by 3.4% during the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 169 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in PacWest Bancorp during the third quarter valued at approximately $268,000. 82.38% of the stock is owned by institutional investors.

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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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