UPDATE: Sterne Agee Raises Price Target on PacWest Bancorp to $24

According to Sterne Agee, PacWest Bancorp

price target is raised to $24. Sterne Agee said that PACW reported 4Q11 earnings of $0.38/share vs. a loss of $0.22/share in the year-ago period. “PACW beat expectations this quarter on markedly lower operating expenses and better than expected revenues.” PacWest Bancorp closed yesterday at $21.03.