Zacks: Brokerages Anticipate PacWest Bancorp (PACW) Will Post Earnings of $0.76 Per Share
Equities analysts forecast that PacWest Bancorp (NASDAQ:PACW) will announce earnings of $0.76 per share for the current quarter, Zacks Investment Research reports. Seven analysts have provided 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 expected to announce its next quarterly 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 anticipate that the company will post earnings of $3.36 per share, with EPS estimates ranging from $3.25 to $3.46. Zacks’ earnings per share calculations are an average based on a survey of research firms that cover PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $272.57 million. During the same period in the prior year, the business posted $0.68 earnings per share.
A number of equities research analysts recently weighed in on PACW shares. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Thursday, September 7th. ValuEngine downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Finally, Raymond James Financial, Inc. dropped their price target on shares of PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating for the company in a research note on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and three have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $54.50.
Shares of PacWest Bancorp (NASDAQ:PACW) traded up 1.349% during midday trading on Thursday, hitting $49.225. The stock had a trading volume of 172,426 shares. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The stock’s 50 day moving average price is $46.43 and its 200 day moving average price is $48.12. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of 16.998 and a beta of 1.62.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Ffcm LLC raised its position in PacWest Bancorp by 172.7% during the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,516 shares in the last quarter. 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 valued at $193,000 after purchasing an additional 468 shares during the period. Creative Planning raised its position in shares of PacWest Bancorp by 17.3% in the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 613 shares during the period. Koch Industries Inc. bought a new position in shares of PacWest Bancorp in the first quarter valued at about $231,000. Finally, Two Sigma Securities LLC bought a new position in shares of PacWest Bancorp in the first quarter valued at about $237,000. 88.75% of the stock is currently owned by hedge funds and other institutional investors.
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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