DA Davidson Raises PacWest Bancorp (NASDAQ:PACW) Price Target to $8.00

PacWest Bancorp (NASDAQ:PACW – Get Rating) had its target price boosted by DA Davidson from $3.00 to $8.00 in a research note issued to investors on Tuesday morning, The Fly reports. DA Davidson also issued estimates for PacWest Bancorp’s Q2 2023 earnings at $0.33 EPS, FY2023 earnings at $1.16 EPS and FY2024 earnings at $1.28 EPS.

Other analysts have also issued reports about the stock. Wedbush restated a neutral rating and set a $27.00 price objective on shares of PacWest Bancorp in a research note on Monday, March 13th. TheStreet downgraded shares of PacWest Bancorp from a c rating to a d+ rating in a report on Tuesday, April 25th. Truist Financial dropped their price target on shares of PacWest Bancorp from $29.00 to $13.00 and set a hold rating on the stock in a report on Thursday, March 23rd. Wells Fargo & Company dropped their price target on shares of PacWest Bancorp from $30.00 to $15.00 and set an equal weight rating on the stock in a report on Wednesday, April 5th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of PacWest Bancorp from $30.00 to $14.00 and set a market perform rating on the stock in a report on Thursday, April 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, PacWest Bancorp currently has an average rating of Hold and a consensus target price of $21.88.

PacWest Bancorp Stock Down 5.4 %

Shares of PacWest Bancorp stock opened at $6.81 on Tuesday. The company has a debt-to-equity ratio of 5.61, a current ratio of 1.21 and a quick ratio of 1.12. The company has a 50-day moving average of $8.69 and a 200 day moving average of $19.24. The firm has a market cap of $803.85 million, a price-to-earnings ratio of -0.87 and a beta of 1.36. PacWest Bancorp has a 1 year low of $2.48 and a 1 year high of $32.68.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. The company had revenue of $315.69 million during the quarter, compared to analyst estimates of $311.72 million. PacWest Bancorp had a negative net margin of 48.43% and a positive return on equity of 14.46%. PacWest Bancorp’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period last year, the business earned $1.01 EPS. As a group, sell-side analysts anticipate that PacWest Bancorp will post 1.51 earnings per share for the current fiscal year.

PacWest Bancorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 15th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Friday, May 12th. PacWest Bancorp’s payout ratio is currently -0.51%.

Insider Activity

In related news, CEO Paul W. Taylor acquired 19,800 shares of PacWest Bancorp stock in a transaction dated Thursday, March 9th. The shares were purchased at an average price of $22.21 per share, for a total transaction of $439,758.00. Following the completion of the transaction, the chief executive officer now directly owns 116,041 shares in the company, valued at approximately $2,577,270.61. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other PacWest Bancorp news, CEO Paul W. Taylor purchased 19,800 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, March 9th. The shares were bought at an average price of $22.21 per share, for a total transaction of $439,758.00. Following the completion of the transaction, the chief executive officer now owns 116,041 shares of the company’s stock, valued at approximately $2,577,270.61. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director C William Hosler purchased 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, March 9th. The stock was acquired at an average price of $20.66 per share, for a total transaction of $41,320.00. Following the transaction, the director now directly owns 56,720 shares of the company’s stock, valued at approximately $1,171,835.20. The disclosure for this purchase can be found here. Insiders have purchased a total of 51,833 shares of company stock worth $1,089,746 over the last quarter. Insiders own 1.25% of the company’s stock.

Institutional Investors Weigh In On PacWest Bancorp

Several large investors have recently bought and sold shares of PACW. State Street Corp increased its position in PacWest Bancorp by 51.1% in the first quarter. State Street Corp now owns 9,080,398 shares of the financial services provider’s stock worth $88,352,000 after purchasing an additional 3,069,478 shares during the last quarter. Invesco Ltd. increased its position in PacWest Bancorp by 354.9% during the first quarter. Invesco Ltd. now owns 3,082,898 shares of the financial services provider’s stock valued at $132,965,000 after acquiring an additional 2,405,127 shares during the last quarter. Two Sigma Advisers LP increased its position in PacWest Bancorp by 507.4% during the first quarter. Two Sigma Advisers LP now owns 1,821,100 shares of the financial services provider’s stock valued at $17,719,000 after acquiring an additional 1,521,300 shares during the last quarter. Norges Bank bought a new position in PacWest Bancorp during the fourth quarter valued at $26,647,000. Finally, BlackRock Inc. increased its position in PacWest Bancorp by 8.9% during the third quarter. BlackRock Inc. now owns 11,040,912 shares of the financial services provider’s stock valued at $249,525,000 after acquiring an additional 904,694 shares during the last quarter. Institutional investors own 91.97% of the company’s stock.

PacWest Bancorp Company Profile

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PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. It offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses through the Pacific Western Bank.