PacWest Bancorp (PACW) was Downgraded by Wells Fargo to ” Market Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Wells Fargo advised their investors in a research report released on Oct 4, 2016.
Many Wall Street Analysts have commented on PacWest Bancorp. PacWest Bancorp was Initiated by JMP Securities to “Mkt Outperform” on Sep 16, 2016. Shares were Reiterated by FBR Capital on Jul 18, 2016 to “Outperform” and Lowered the Price Target to $ 46 from a previous price target of $48 .
On the company’s financial health, PacWest Bancorp reported $0.68 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Jul 15, 2016. Analyst had a consensus of $0.70.Analysts expectations of $ 266.01.During the same quarter in the previous year, the company posted $0.70 EPS.
PacWest Bancorp opened for trading at $42.58 and hit $43.17 on the upside on Friday, eventually ending the session at $42.91, with a gain of 1.16% or 0.49 points. The heightened volatility saw the trading volume jump to 5,70,169 shares. Company has a market cap of $5,167 M.
In a different news, on Sep 15, 2016, Daniel B Platt (director) sold 2,550 shares at $42.18 per share price. According to the SEC, on Aug 30, 2016, John M Iii Eggemeyer (director) sold 537,260 shares at $42.31 per share price. On Jul 25, 2016, Kori Ogrosky (EVP, Gen. Counsel, Corp. Secty) sold 2,000 shares at $41.06 per share price, according to the Form-4 filing with the securities and exchange commission.
PacWest Bancorp is a bank holding company. The Companys business is to serve as the holding bank for its subsidiary Pacific Western Bank (Pacific Western or the Bank). It is a commercial bank that offers banking products and services including accepting demand money market and time deposits and originating loans and leases including an array of commercial real estate loans and commercial lending products. It operates in two segments: Community Banking which includes the operations of Pacific Western Bank excluding the CapitalSource Division and National Lending which includes the lending operations gained through the CapitalSource Inc. merger Pacific Western Equipment Finance and the CapitalSource Business Finance Group. The Bank offers products and services through its CapitalSource and Square 1 Bank divisions. The Square 1 Bank Division offers financial services focused on entrepreneurial businesses and their venture capital and private equity investors.