Analysts Expect PacWest Bancorp (PACW) to Announce $0.76 EPS
Wall Street brokerages expect PacWest Bancorp (NASDAQ:PACW) to announce earnings of $0.76 per share for the current quarter, according to Zacks. Seven analysts have made estimates for PacWest Bancorp’s earnings, with the lowest EPS estimate coming in at $0.75 and the highest estimate coming in at $0.77. PacWest Bancorp posted earnings of $0.77 per share during the same quarter last year, which indicates a negative year over year growth rate of 1.3%. The business is scheduled to issue its next earnings report on Tuesday, October 17th.
According to Zacks, analysts expect that PacWest Bancorp will report full-year earnings of $2.96 per share for the current financial year, with EPS estimates ranging from $2.93 to $3.00. For the next year, analysts expect that the business will post earnings of $3.36 per share, with EPS estimates ranging from $3.25 to $3.46. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that that provide coverage for PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. The business had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. During the same period last year, the company earned $0.68 earnings per share.
A number of equities analysts have recently weighed in on the company. SunTrust Banks, Inc. assumed coverage on PacWest Bancorp in a report on Friday, August 18th. They issued a “hold” rating and a $49.00 target price on the stock. BidaskClub upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. BMO Capital Markets reiterated a “hold” rating and issued a $55.00 target price on shares of PacWest Bancorp in a report on Friday, May 26th. ValuEngine upgraded PacWest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Stephens reiterated a “buy” rating and issued a $56.00 target price on shares of PacWest Bancorp in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and three have issued a strong buy rating to the stock. PacWest Bancorp currently has a consensus rating of “Buy” and an average target price of $54.17.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in PacWest Bancorp by 3.1% during the second quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock worth $632,700,000 after purchasing an additional 404,986 shares during the period. Vanguard Group Inc. boosted its position in PacWest Bancorp by 1.4% during the second quarter. Vanguard Group Inc. now owns 10,032,383 shares of the financial services provider’s stock worth $468,512,000 after purchasing an additional 136,352 shares during the period. State Street Corp boosted its position in PacWest Bancorp by 15.0% during the second quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after purchasing an additional 771,015 shares during the period. Wells Fargo & Company MN boosted its position in PacWest Bancorp by 10.9% during the second quarter. Wells Fargo & Company MN now owns 4,054,991 shares of the financial services provider’s stock worth $189,368,000 after purchasing an additional 396,934 shares during the period. Finally, Principal Financial Group Inc. boosted its position in PacWest Bancorp by 112.6% during the second quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock worth $157,801,000 after purchasing an additional 1,789,571 shares during the period. 90.18% of the stock is owned by hedge funds and other institutional investors.
PacWest Bancorp (NASDAQ:PACW) traded up 1.08% during midday trading on Friday, hitting $45.68. 957,347 shares of the company traded hands. The stock has a 50 day moving average price of $45.79 and a 200-day moving average price of $48.81. The company has a market cap of $5.48 billion, a PE ratio of 15.77 and a beta of 1.59. PacWest Bancorp has a 12-month low of $41.10 and a 12-month high of $57.53.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, August 21st were issued a $0.50 dividend. The ex-dividend date was Thursday, August 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.38%. PacWest Bancorp’s dividend payout ratio is currently 68.97%.
About PacWest Bancorp
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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