PacWest Bancorp (PACW) Rating Lowered to Strong Sell at BidaskClub

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PacWest Bancorp (NASDAQ:PACW) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Wednesday.

PACW has been the topic of several other reports. Zacks Investment Research downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, July 20th. Wedbush restated a “neutral” rating on shares of PacWest Bancorp in a research note on Monday, July 16th. Stephens restated a “buy” rating and set a $58.00 price objective on shares of PacWest Bancorp in a research note on Friday, July 13th. Finally, Sandler O’Neill restated a “buy” rating and set a $58.00 price objective on shares of PacWest Bancorp in a research note on Friday, July 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. PacWest Bancorp presently has a consensus rating of “Buy” and a consensus price target of $55.82.

Shares of NASDAQ:PACW opened at $50.22 on Wednesday. The stock has a market cap of $6.18 billion, a P/E ratio of 17.20, a P/E/G ratio of 1.35 and a beta of 1.42. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.34. PacWest Bancorp has a one year low of $43.08 and a one year high of $55.86.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, July 17th. The financial services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.87 by $0.05. The business had revenue of $301.97 million for the quarter, compared to the consensus estimate of $293.62 million. PacWest Bancorp had a return on equity of 8.70% and a net margin of 33.41%. During the same period last year, the business posted $0.77 EPS. equities analysts forecast that PacWest Bancorp will post 3.72 earnings per share for the current year.

In other PacWest Bancorp news, EVP Bryan M. Corsini sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $55.48, for a total transaction of $416,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Craig A. Carlson sold 1,100 shares of the firm’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $55.33, for a total value of $60,863.00. The disclosure for this sale can be found here. 1.01% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PACW. Wells Fargo & Company MN grew its position in shares of PacWest Bancorp by 0.5% in the 2nd quarter. Wells Fargo & Company MN now owns 4,572,333 shares of the financial services provider’s stock worth $225,965,000 after acquiring an additional 20,625 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of PacWest Bancorp by 3.7% in the 2nd quarter. Janus Henderson Group PLC now owns 3,323,675 shares of the financial services provider’s stock worth $164,256,000 after acquiring an additional 119,919 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of PacWest Bancorp by 2.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,227,791 shares of the financial services provider’s stock worth $159,526,000 after acquiring an additional 71,944 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position in shares of PacWest Bancorp by 2.4% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 2,567,019 shares of the financial services provider’s stock worth $127,145,000 after acquiring an additional 59,771 shares in the last quarter. Finally, Cardinal Capital Management LLC CT grew its position in shares of PacWest Bancorp by 1.3% in the 1st quarter. Cardinal Capital Management LLC CT now owns 1,586,444 shares of the financial services provider’s stock worth $78,577,000 after acquiring an additional 20,755 shares in the last quarter. Hedge funds and other institutional investors own 87.42% of the company’s stock.

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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