Wells Fargo & Company Cuts PacWest Bancorp (NASDAQ:PACW) Price Target to $50.00

PacWest Bancorp (NASDAQ:PACWGet Rating) had its price target dropped by equities research analysts at Wells Fargo & Company from $60.00 to $50.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 31.23% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Truist Financial upped their price target on PacWest Bancorp from $55.00 to $60.00 in a report on Friday, January 21st. Zacks Investment Research cut PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 12th. StockNews.com assumed coverage on PacWest Bancorp in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Wedbush cut their price objective on PacWest Bancorp from $52.00 to $45.00 in a research report on Wednesday. Finally, Raymond James cut their price objective on PacWest Bancorp from $62.00 to $51.00 and set a “strong-buy” rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $53.71.

Shares of PacWest Bancorp stock opened at $38.10 on Thursday. The stock has a fifty day simple moving average of $44.16 and a 200 day simple moving average of $46.16. PacWest Bancorp has a 12-month low of $35.71 and a 12-month high of $51.81. The company has a market capitalization of $4.47 billion, a P/E ratio of 7.47 and a beta of 1.34. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.22.

PacWest Bancorp (NASDAQ:PACWGet Rating) last announced its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.03). PacWest Bancorp had a return on equity of 15.75% and a net margin of 44.87%. During the same period in the prior year, the company posted $1.27 EPS. On average, analysts predict that PacWest Bancorp will post 4.54 EPS for the current year.

In related news, EVP Bryan M. Corsini sold 1,139 shares of the stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $47.85, for a total transaction of $54,501.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.25% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System lifted its holdings in PacWest Bancorp by 0.7% in the 4th quarter. Louisiana State Employees Retirement System now owns 30,100 shares of the financial services provider’s stock worth $1,360,000 after buying an additional 200 shares during the period. Deutsche Bank AG lifted its stake in shares of PacWest Bancorp by 1.8% in the 3rd quarter. Deutsche Bank AG now owns 12,800 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 226 shares during the period. CIBC World Markets Inc. lifted its stake in shares of PacWest Bancorp by 1.1% in the 4th quarter. CIBC World Markets Inc. now owns 20,756 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 230 shares during the period. Van ECK Associates Corp lifted its stake in shares of PacWest Bancorp by 11.0% in the 4th quarter. Van ECK Associates Corp now owns 2,774 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 275 shares during the period. Finally, Commerce Bank lifted its stake in shares of PacWest Bancorp by 1.5% in the 4th quarter. Commerce Bank now owns 18,473 shares of the financial services provider’s stock valued at $835,000 after purchasing an additional 275 shares during the period. Institutional investors own 89.47% of the company’s stock.

About PacWest Bancorp (Get Rating)

PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various 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, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.

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