FBR & Co reaffirmed their buy rating on shares of PacWest Bancorp (NASDAQ:PACW) in a report published on Friday morning. They currently have a $62.00 price target on the financial services provider’s stock.
“We reiterate our Outperform rating on PacWest Bancorp and our $62 price target, equal to 19.4x our 2018 EPS estimate, following 4Q16 results. Higher operating expenses and elevated provision levels triggered a miss this quarter, although both were caused by a strong quarter for loan growth, which should bear fruit over time. PacWest repurchased $28M worth of stock in 4Q, but market volatility following the election may have reduced the appeal of repurchases, which fell short of our expectations. We have reduced our repurchase outlook, but note that PACW still has significant excess capital, which gives it flexibility and options. Profitability remains strong (1.4% ROAA, 12.8% ROTCE, 46% efficiency). A best-in-class NIM, asset- sensitive balance sheet, ample capital, and relatively big dividend are other reasons we remain positive on the name.”,” the firm’s analyst wrote.
Several other research firms have also recently weighed in on PACW. Zacks Investment Research cut PacWest Bancorp from a buy rating to a hold rating in a research report on Saturday, January 14th. Raymond James Financial, Inc. assumed coverage on PacWest Bancorp in a research report on Tuesday, December 6th. They set an outperform rating and a $57.00 price objective for the company. FIG Partners upped their price objective on PacWest Bancorp from $56.00 to $60.50 and gave the stock an outperform rating in a research report on Friday, January 20th. Finally, Wells Fargo & Company cut PacWest Bancorp from an outperform rating to a market perform rating in a research report on Tuesday, October 4th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $53.00.
PacWest Bancorp (NASDAQ:PACW) opened at 54.64 on Friday. The company has a market capitalization of $6.56 billion, a P/E ratio of 18.87 and a beta of 1.55. The firm has a 50-day moving average price of $54.53 and a 200 day moving average price of $46.27. PacWest Bancorp has a 12 month low of $29.05 and a 12 month high of $56.46.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Thursday, January 19th. The financial services provider reported $0.71 earnings per share for the quarter, hitting the consensus estimate of $0.71. PacWest Bancorp had a return on equity of 7.81% and a net margin of 31.11%. During the same quarter in the previous year, the company earned $0.70 earnings per share. Analysts expect that PacWest Bancorp will post $3.02 EPS for the current year.
In other news, EVP Christopher D. Blake sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $51.00, for a total value of $510,000.00. Following the completion of the sale, the executive vice president now directly owns 53,997 shares of the company’s stock, valued at $2,753,847. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Barry C. Fitzpatrick sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $53.84, for a total value of $807,600.00. The disclosure for this sale can be found here. Insiders have sold 45,000 shares of company stock valued at $2,381,000 over the last three months. Insiders own 1.43% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Investment Management LLC boosted its stake in PacWest Bancorp by 4.2% in the third quarter. BlackRock Investment Management LLC now owns 429,917 shares of the financial services provider’s stock worth $18,448,000 after buying an additional 17,385 shares during the last quarter. Mycio Wealth Partners LLC boosted its stake in PacWest Bancorp by 50.1% in the second quarter. Mycio Wealth Partners LLC now owns 3,595 shares of the financial services provider’s stock worth $143,000 after buying an additional 1,200 shares during the last quarter. Channing Capital Management LLC boosted its stake in PacWest Bancorp by 3.8% in the second quarter. Channing Capital Management LLC now owns 1,742,423 shares of the financial services provider’s stock worth $69,314,000 after buying an additional 64,051 shares during the last quarter. Arizona State Retirement System boosted its stake in PacWest Bancorp by 5.1% in the third quarter. Arizona State Retirement System now owns 47,047 shares of the financial services provider’s stock worth $2,019,000 after buying an additional 2,300 shares during the last quarter. Finally, American International Group Inc. boosted its stake in PacWest Bancorp by 4.8% in the third quarter. American International Group Inc. now owns 232,649 shares of the financial services provider’s stock worth $9,983,000 after buying an additional 10,750 shares during the last quarter. 89.74% of the stock is owned by institutional investors.
About PacWest Bancorp
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.