PacWest Bancorp (NASDAQ:PACW – Get Rating) was upgraded by analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has a $29.00 price target on the financial services provider’s stock, down from their previous price target of $31.00. DA Davidson’s price objective points to a potential upside of 122.22% from the stock’s current price. DA Davidson also issued estimates for PacWest Bancorp’s Q1 2023 earnings at $0.79 EPS, FY2023 earnings at $3.41 EPS and FY2024 earnings at $3.73 EPS.
PACW has been the topic of a number of other reports. Wells Fargo & Company raised their target price on shares of PacWest Bancorp from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. StockNews.com lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. Finally, Truist Financial raised their price objective on shares of PacWest Bancorp from $26.00 to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, February 1st. 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, PacWest Bancorp has a consensus rating of “Hold” and a consensus price target of $33.00.
PacWest Bancorp Price Performance
PacWest Bancorp stock opened at $13.05 on Monday. PacWest Bancorp has a 52-week low of $5.00 and a 52-week high of $46.84. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 3.86 and a beta of 1.46. The company has a fifty day simple moving average of $25.53 and a 200-day simple moving average of $24.86. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.76.
Insiders Place Their Bets
Institutional Investors Weigh In On PacWest Bancorp
Large investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. increased its stake in PacWest Bancorp by 2.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 83,019 shares of the financial services provider’s stock valued at $1,905,000 after purchasing an additional 1,928 shares during the period. Natixis acquired a new stake in PacWest Bancorp during the 4th quarter worth approximately $1,056,000. Teachers Retirement System of The State of Kentucky lifted its position in PacWest Bancorp by 15.2% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 18,935 shares of the financial services provider’s stock worth $435,000 after acquiring an additional 2,500 shares during the period. Alliancebernstein L.P. lifted its position in PacWest Bancorp by 3.3% during the 4th quarter. Alliancebernstein L.P. now owns 181,437 shares of the financial services provider’s stock worth $4,164,000 after acquiring an additional 5,744 shares during the period. Finally, Point72 Middle East FZE acquired a new stake in PacWest Bancorp during the 4th quarter worth approximately $704,000. 91.97% of the stock is owned by institutional investors and hedge funds.
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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