Truist Financial upgraded shares of PacWest Bancorp (NASDAQ:PACW) to a buy rating in a research report sent to investors on Tuesday, TipRanks reports. The brokerage currently has $50.00 price objective on the financial services provider’s stock.
A number of other equities research analysts have also recently issued reports on the stock. Wedbush reduced their target price on shares of PacWest Bancorp from $47.00 to $40.00 and set a neutral rating for the company in a research report on Tuesday, July 20th. Truist Securities upgraded shares of PacWest Bancorp from a hold rating to a buy rating and set a $50.00 price target for the company in a research report on Tuesday. Truist raised PacWest Bancorp from a hold rating to a buy rating and increased their price target for the stock from $44.00 to $50.00 in a research report on Tuesday. Finally, Zacks Investment Research downgraded PacWest Bancorp from a buy rating to a hold rating in a research report on Thursday, September 9th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $44.50.
PACW opened at $44.72 on Tuesday. The business’s 50-day simple moving average is $41.38 and its 200 day simple moving average is $41.64. PacWest Bancorp has a 52-week low of $15.62 and a 52-week high of $46.75. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $5.24 billion, a PE ratio of 10.75 and a beta of 1.60.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 31st. Shareholders of record on Tuesday, August 17th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.24%. PacWest Bancorp’s payout ratio is presently 47.62%.
Several hedge funds have recently made changes to their positions in PACW. Parkside Financial Bank & Trust bought a new position in PacWest Bancorp in the 1st quarter valued at approximately $35,000. Harvest Fund Management Co. Ltd acquired a new position in PacWest Bancorp in the 1st quarter valued at approximately $35,000. Advisory Services Network LLC bought a new position in shares of PacWest Bancorp during the second quarter valued at $39,000. Eagle Bay Advisors LLC acquired a new position in shares of PacWest Bancorp during the second quarter worth $65,000. Finally, Van ECK Associates Corp bought a new stake in shares of PacWest Bancorp in the second quarter worth $65,000. 88.45% of the stock is currently owned by hedge funds and other institutional investors.
PacWest Bancorp Company Profile
PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. Through the Pacific Western Bank, it offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses.
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