$280.85 Million in Sales Expected for PacWest Bancorp (NASDAQ:PACW) This Quarter
Wall Street brokerages expect that PacWest Bancorp (NASDAQ:PACW) will report $280.85 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for PacWest Bancorp’s earnings. The lowest sales estimate is $277.50 million and the highest is $284.40 million. PacWest Bancorp reported sales of $261.56 million in the same quarter last year, which indicates a positive year over year growth rate of 7.4%. The business is expected to report its next earnings report on Tuesday, October 17th.
According to Zacks, analysts expect that PacWest Bancorp will report full year sales of $280.85 million for the current year, with estimates ranging from $1.13 billion to $1.14 billion. For the next financial year, analysts forecast that the business will post sales of $1.30 billion per share, with estimates ranging from $1.27 billion to $1.37 billion. Zacks’ sales averages are an average based on a survey of analysts that follow PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The firm had revenue of $277.76 million during the quarter, compared to analyst estimates of $272.57 million. During the same quarter in the prior year, the business posted $0.68 EPS.
Several research firms have recently issued reports on PACW. BidaskClub cut shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the stock a “buy” rating in a research report on Wednesday, July 19th. Stephens reaffirmed a “buy” rating and set a $56.00 price objective on shares of PacWest Bancorp in a research report on Friday, July 14th. Finally, ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $55.60.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 45.29 on Friday. The stock’s 50 day moving average price is $47.34 and its 200 day moving average price is $50.62. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 15.64 and a beta of 1.58. PacWest Bancorp has a one year low of $41.10 and a one year high of $57.53.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, August 21st will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.42%. PacWest Bancorp’s payout ratio is 68.97%.
In other news, Director Craig A. Carlson sold 1,081 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were 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 of the company’s stock, valued at $295,834.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.98% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ffcm LLC raised its position in shares of PacWest Bancorp by 172.7% in the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,516 shares during the period. Creative Planning raised its position in shares of 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 period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of PacWest Bancorp by 12.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after buying an additional 468 shares during the period. Charter Trust Co. raised its position 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 worth $222,000 after buying an additional 38 shares during the period. Finally, Investment Counselors of Maryland LLC raised its position in shares of PacWest Bancorp by 4.1% in the second quarter. Investment Counselors of Maryland LLC now owns 4,806 shares of the financial services provider’s stock worth $224,000 after buying an additional 190 shares during the period. Institutional investors and hedge funds own 86.46% of the company’s stock.
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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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