Analysts Expect PacWest Bancorp (PACW) to Announce $0.76 EPS
Equities research analysts expect PacWest Bancorp (NASDAQ:PACW) to report earnings per share of $0.76 for the current quarter, Zacks reports. Six analysts have made estimates for PacWest Bancorp’s earnings. The highest EPS estimate is $0.77 and the lowest is $0.75. PacWest Bancorp reported earnings of $0.77 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 1.3%. The business is scheduled to report its next quarterly earnings results on Tuesday, October 17th.
According to Zacks, analysts expect that PacWest Bancorp will report full-year earnings of $2.94 per share for the current fiscal year, with EPS estimates ranging from $2.90 to $3.00. For the next year, analysts anticipate that the firm will post earnings of $3.37 per share, with EPS estimates ranging from $3.26 to $3.46. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. The firm had revenue of $277.76 million for the quarter, compared to the consensus estimate of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same quarter in the prior year, the business earned $0.68 earnings per share.
PACW has been the topic of several research analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $55.00 price target on shares of PacWest Bancorp in a research note on Thursday, May 18th. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Thursday, March 23rd. ValuEngine raised PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Stephens reissued a “buy” rating and set a $56.00 price target on shares of PacWest Bancorp in a research note on Friday, July 14th. Finally, FBR & Co set a $55.00 price target on PacWest Bancorp and gave the stock a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $55.60.
Shares of PacWest Bancorp (NASDAQ PACW) traded down 0.18% during trading on Friday, reaching $48.64. The company’s stock had a trading volume of 370,673 shares. The firm has a market capitalization of $5.76 billion, a P/E ratio of 17.37 and a beta of 1.58. PacWest Bancorp has a 52 week low of $40.01 and a 52 week high of $57.53. The company has a 50 day moving average price of $47.23 and a 200 day moving average price of $51.34.
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In related news, Director Craig A. Carlson sold 1,081 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total value of $50,979.96. Following the completion of the sale, the director now directly owns 6,273 shares in the company, valued at approximately $295,834.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.98% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Charter Trust Co. increased its stake in shares of PacWest Bancorp by 0.8% in the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock valued at $222,000 after buying an additional 38 shares in the last quarter. Chesley Taft & Associates LLC increased its stake in shares of PacWest Bancorp by 0.6% in the first quarter. Chesley Taft & Associates LLC now owns 17,825 shares of the financial services provider’s stock valued at $949,000 after buying an additional 100 shares in the last quarter. Tudor Investment Corp ET AL increased its stake in shares of PacWest Bancorp by 0.5% in the first quarter. Tudor Investment Corp ET AL now owns 20,370 shares of the financial services provider’s stock valued at $1,085,000 after buying an additional 101 shares in the last quarter. World Asset Management Inc increased its stake in shares of PacWest Bancorp by 1.6% in the first quarter. World Asset Management Inc now owns 7,432 shares of the financial services provider’s stock valued at $396,000 after buying an additional 118 shares in the last quarter. Finally, Denver Investment Advisors LLC increased its stake in shares of PacWest Bancorp by 0.5% in the first quarter. Denver Investment Advisors LLC now owns 38,343 shares of the financial services provider’s stock valued at $2,042,000 after buying an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 88.25% 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.
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