RBC Capital analyst Jon Arfstrom made no change to the firm’s Outperform rating or $31 price target on shares of PacWest Bancorp after the company provided a substantive update on its balance sheet and liquidity levels through March 20, and while the company disclosed that it has recorded net income of roughly $48.9M through the end of February, below the firm’s run rate of earnings, that is not a major focus at this point, the analyst tells investors in a research note. RBC Capital says the update is "about what we expected" based on recent disclosures from the company, and notes that credit appears to be stable.
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Read More on PACW:
- FRC, WAL, and PACW Rebound after Losses Post Yellen Comments
- PacWest Bancorp Plunges after Revealing Deposit Dropoff
- Pacific Western Bank Provides Further Update and Details on Financial Strength
- Pacific Western Bank determines not to move forward with capital raise
- Pacific Western Bank reports $11.4B in available cash as of March 20