PacWest Bancorp (NASDAQ:PACW – Get Rating)‘s stock had its “neutral” rating reaffirmed by equities researchers at Wedbush in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $27.00 price target on the financial services provider’s stock. Wedbush’s target price would indicate a potential upside of 106.90% from the company’s current price. Wedbush also issued estimates for PacWest Bancorp’s Q1 2023 earnings at $0.77 EPS, Q2 2023 earnings at $0.84 EPS, Q3 2023 earnings at $0.85 EPS, Q4 2023 earnings at $0.84 EPS and FY2024 earnings at $3.65 EPS.
PACW has been the subject of a number of other reports. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $31.00 to $29.00 in a research note on Monday. Truist Financial boosted their price objective on PacWest Bancorp from $26.00 to $29.00 and gave the company a “hold” rating in a research report on Wednesday, February 1st. Stephens restated an “overweight” rating and issued a $32.00 price objective on shares of PacWest Bancorp in a research report on Monday. Wells Fargo & Company boosted their price objective on PacWest Bancorp from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, January 30th. Finally, StockNews.com lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, PacWest Bancorp currently has an average rating of “Hold” and an average price target of $33.00.
PacWest Bancorp Price Performance
NASDAQ PACW opened at $13.05 on Monday. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 3.86 and a beta of 1.46. PacWest Bancorp has a 12 month low of $5.00 and a 12 month high of $46.84. The company’s 50 day moving average is $25.53 and its two-hundred day moving average is $24.86. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.76.
Insider Buying and Selling
Hedge Funds Weigh In On PacWest Bancorp
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of PacWest Bancorp by 2.5% during the first quarter. Vanguard Group Inc. now owns 13,722,556 shares of the financial services provider’s stock worth $591,854,000 after acquiring an additional 336,055 shares during the period. BlackRock Inc. increased its position in shares of PacWest Bancorp by 8.9% during the third quarter. BlackRock Inc. now owns 11,040,912 shares of the financial services provider’s stock worth $249,525,000 after acquiring an additional 904,694 shares during the period. FMR LLC lifted its holdings in shares of PacWest Bancorp by 27.9% in the 2nd quarter. FMR LLC now owns 9,493,375 shares of the financial services provider’s stock worth $253,093,000 after buying an additional 2,070,479 shares during the period. State Street Corp lifted its holdings in shares of PacWest Bancorp by 6.8% in the 3rd quarter. State Street Corp now owns 6,052,819 shares of the financial services provider’s stock worth $136,794,000 after buying an additional 386,532 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of PacWest Bancorp by 13.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,655,185 shares of the financial services provider’s stock worth $83,887,000 after buying an additional 443,253 shares during the period. 91.97% of the stock is owned by hedge funds and other institutional investors.
About PacWest Bancorp
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.
- Get a free copy of the StockNews.com research report on PacWest Bancorp (PACW)
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