PacWest Bancorp (NASDAQ:PACW) Downgraded to “Sell” at BidaskClub

BidaskClub cut shares of PacWest Bancorp (NASDAQ:PACW) from a hold rating to a sell rating in a report published on Friday, BidAskClub reports.

Several other analysts also recently commented on the company. Zacks Investment Research downgraded PacWest Bancorp from a buy rating to a hold rating in a research note on Tuesday, July 2nd. Wells Fargo & Co set a $38.00 target price on PacWest Bancorp and gave the company a hold rating in a research note on Wednesday, April 17th. Raymond James downgraded PacWest Bancorp from a strong-buy rating to a market perform rating in a research note on Monday, July 8th. Stephens reiterated a buy rating and set a $43.00 target price on shares of PacWest Bancorp in a research note on Tuesday, July 16th. Finally, ValuEngine downgraded PacWest Bancorp from a sell rating to a strong sell rating in a research note on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $43.00.

PacWest Bancorp stock opened at $34.04 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.99 and a quick ratio of 0.96. The stock has a market cap of $4.11 billion, a P/E ratio of 9.15, a P/E/G ratio of 0.90 and a beta of 1.45. The stock has a 50 day moving average of $37.36. PacWest Bancorp has a twelve month low of $31.16 and a twelve month high of $52.15.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.13. PacWest Bancorp had a return on equity of 9.83% and a net margin of 34.54%. The company had revenue of $311.79 million for the quarter, compared to the consensus estimate of $291.71 million. During the same quarter in the prior year, the business posted $0.92 EPS. Research analysts predict that PacWest Bancorp will post 3.85 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $2.40 annualized dividend and a yield of 7.05%. PacWest Bancorp’s dividend payout ratio is 64.52%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Hawaiian Bank lifted its holdings in shares of PacWest Bancorp by 128.5% during the 1st quarter. First Hawaiian Bank now owns 786 shares of the financial services provider’s stock valued at $30,000 after buying an additional 442 shares during the period. Hollencrest Capital Management lifted its holdings in shares of PacWest Bancorp by 31.4% during the 1st quarter. Hollencrest Capital Management now owns 41,842 shares of the financial services provider’s stock valued at $1,574,000 after buying an additional 10,000 shares during the period. Ceredex Value Advisors LLC lifted its holdings in shares of PacWest Bancorp by 36.7% during the 1st quarter. Ceredex Value Advisors LLC now owns 2,008,750 shares of the financial services provider’s stock valued at $75,549,000 after buying an additional 539,050 shares during the period. Jane Street Group LLC lifted its holdings in shares of PacWest Bancorp by 14.9% during the 4th quarter. Jane Street Group LLC now owns 8,099 shares of the financial services provider’s stock valued at $270,000 after buying an additional 1,050 shares during the period. Finally, Sippican Capital Advisors lifted its holdings in shares of PacWest Bancorp by 21.7% during the 2nd quarter. Sippican Capital Advisors now owns 11,228 shares of the financial services provider’s stock valued at $436,000 after buying an additional 2,000 shares during the period. 89.56% of the stock is currently 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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Analyst Recommendations for PacWest Bancorp (NASDAQ:PACW)

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