PacWest Bancorp to Post FY2017 Earnings of $2.72 Per Share, FIG Partners Forecasts (NASDAQ:PACW)
PacWest Bancorp (NASDAQ:PACW) – Stock analysts at FIG Partners dropped their FY2017 earnings per share (EPS) estimates for PacWest Bancorp in a note issued to investors on Wednesday. FIG Partners analyst C. Marinac now forecasts that the financial services provider will post earnings of $2.72 per share for the year, down from their prior forecast of $2.87. FIG Partners also issued estimates for PacWest Bancorp’s Q4 2018 earnings at $0.89 EPS.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.06. The firm had revenue of $277.76 million during the quarter, compared to the consensus estimate of $272.57 million. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.76%. During the same quarter last year, the firm earned $0.68 earnings per share. ILLEGAL ACTIVITY NOTICE: “PacWest Bancorp to Post FY2017 Earnings of $2.72 Per Share, FIG Partners Forecasts (NASDAQ:PACW)” was published by American Banking News and is the property of of American Banking News. If you are reading this piece on another publication, it was copied illegally and republished in violation of U.S. & international trademark and copyright legislation. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2017/07/20/pacwest-bancorp-to-post-fy2017-earnings-of-2-72-per-share-fig-partners-forecasts-nasdaqpacw.html.
Several other research firms have also recently commented on PACW. Keefe, Bruyette & Woods restated a “buy” rating and issued a $56.00 target price on shares of PacWest Bancorp in a research report on Monday, April 3rd. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. Piper Jaffray Companies upped their target price on shares of PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 11th. Raymond James Financial, Inc. upgraded shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price for the company in a research report on Thursday, April 6th. Finally, UBS AG upgraded shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, April 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $55.60.
Shares of PacWest Bancorp (PACW) opened at 49.15 on Thursday. The company has a 50-day moving average of $47.17 and a 200-day moving average of $51.36. The firm has a market cap of $5.82 billion, a P/E ratio of 17.55 and a beta of 1.58. PacWest Bancorp has a 12 month low of $40.01 and a 12 month high of $57.53.
Several hedge funds and other institutional investors have recently made changes to their positions in PACW. Creative Planning raised its position in PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock worth $189,000 after buying an additional 1,719 shares during the last quarter. Oakbrook Investments LLC bought a new stake in shares of PacWest Bancorp during the first quarter worth $229,000. Koch Industries Inc. bought a new stake in shares of PacWest Bancorp during the first quarter worth $231,000. First Interstate Bank increased its stake in shares of PacWest Bancorp by 10.4% in the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock worth $232,000 after buying an additional 410 shares during the period. Finally, Two Sigma Securities LLC bought a new stake in shares of PacWest Bancorp during the first quarter worth $237,000. Institutional investors own 88.25% of the company’s stock.
In other news, Director Craig A. Carlson sold 1,081 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $47.16, for a total transaction of $50,979.96. Following the transaction, the director now owns 6,273 shares in the company, valued at approximately $295,834.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.98% of the company’s stock.
PacWest Bancorp Company Profile
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.