Stephens reaffirmed their buy rating on shares of PacWest Bancorp (NASDAQ:PACW) in a research note published on Tuesday morning, AnalystRatings.com reports. They currently have a $43.00 price target on the financial services provider’s stock.
“We believe investor expectations were low for PACW’s 2Q results given fears around muted loan growth and continued NIM pressures. While mixed, we thought the in-line results ($0.94) were overall OK. Although lower q/q, 3.5% LQA loan growth was slightly better than Street’s expectations; and we view the NIM to be a push, as (ex. elevated prepay fees) the core loan-deposit spread came in 1 bps better than we anticipated which, coupled with lower liquidity due to elevated securities sales ($980 mil.), drove a 3 bps core NIM beat but ultimately a $4.3 mil. core FTE NII miss. Credit results were fine, including elevated NCOs but lower NPLs and special mention loans. We have an Overweight rating given the above peer profitability profile (1.72% ROA in 2Q) and discounted valuation of 9.8x our 2020 EPS.”,” Stephens’ analyst wrote.
A number of other analysts also recently commented on PACW. Raymond James downgraded First Midwest Bancorp to a hold rating in a research note on Monday, July 8th. Zacks Investment Research downgraded EXACT Sciences from a hold rating to a sell rating in a research note on Tuesday, July 2nd. BidaskClub lowered Zynerba Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, July 11th. ValuEngine raised Vale from a sell rating to a hold rating in a research report on Tuesday. Finally, Wells Fargo & Co reaffirmed a buy rating on shares of Morgan Stanley in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $44.67.
Shares of PACW traded up $0.12 during midday trading on Tuesday, reaching $37.70. The stock had a trading volume of 7,916 shares, compared to its average volume of 927,906. PacWest Bancorp has a 52 week low of $31.16 and a 52 week high of $52.15. The company has a quick ratio of 0.96, a current ratio of 0.99 and a debt-to-equity ratio of 0.49. The firm has a 50 day moving average of $37.99. The firm has a market cap of $4.41 billion, a P/E ratio of 10.15, a P/E/G ratio of 0.97 and a beta of 1.45.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.07 EPS for the quarter, topping the Zacks’ 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 previous year, the business earned $0.92 EPS. Sell-side analysts expect that PacWest Bancorp will post 3.85 earnings per share for the current year.
Hedge funds have recently modified their holdings of the company. First Hawaiian Bank grew its holdings in shares of PacWest Bancorp by 128.5% during the first 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 in the last quarter. Parallel Advisors LLC grew its holdings in shares of PacWest Bancorp by 57.0% during the first quarter. Parallel Advisors LLC now owns 879 shares of the financial services provider’s stock valued at $33,000 after buying an additional 319 shares in the last quarter. Avestar Capital LLC purchased a new position in shares of PacWest Bancorp during the first quarter valued at $39,000. Icon Wealth Partners LLC purchased a new position in shares of PacWest Bancorp during the first quarter valued at $58,000. Finally, First Interstate Bank grew its holdings in shares of PacWest Bancorp by 26.5% during the first quarter. First Interstate Bank now owns 4,015 shares of the financial services provider’s stock valued at $151,000 after buying an additional 840 shares in the last quarter. Institutional investors and hedge funds own 89.52% 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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