FY2017 Earnings Forecast for PacWest Bancorp (PACW) Issued By FBR & Co
PacWest Bancorp (NASDAQ:PACW) – Stock analysts at FBR & Co increased their FY2017 EPS estimates for PacWest Bancorp in a research note issued to investors on Wednesday. FBR & Co analyst S. Moss now anticipates that the financial services provider will post earnings of $2.94 per share for the year, up from their prior estimate of $2.89. FBR & Co has a “Neutral” rating and a $50.00 price target on the stock. FBR & Co also issued estimates for PacWest Bancorp’s Q1 2018 earnings at $0.75 EPS and Q3 2019 earnings at $0.87 EPS.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The company had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. During the same period in the previous year, the firm earned $0.77 EPS. ILLEGAL ACTIVITY NOTICE: This story was first published by American Banking News and is owned by of American Banking News. If you are reading this story on another website, it was stolen and reposted in violation of US and international copyright and trademark legislation. The legal version of this story can be read at https://www.americanbankingnews.com/2017/10/20/fy2017-earnings-forecast-for-pacwest-bancorp-pacw-issued-by-fbr-co.html.
Several other research firms also recently commented on PACW. BidaskClub downgraded PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Wedbush restated a “neutral” rating and set a $49.00 price objective on shares of PacWest Bancorp in a report on Tuesday, June 27th. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. SunTrust Banks, Inc. restated a “hold” rating and set a $49.00 price objective on shares of PacWest Bancorp in a report on Thursday, October 12th. Finally, UBS AG downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $53.00.
PacWest Bancorp (PACW) traded up 1.68% during mid-day trading on Friday, hitting $47.80. 161,963 shares of the company’s stock were exchanged. PacWest Bancorp has a 52 week low of $41.10 and a 52 week high of $57.53. The firm has a 50 day moving average of $47.41 and a 200 day moving average of $47.85. The stock has a market capitalization of $5.81 billion, a P/E ratio of 16.14 and a beta of 1.62.
In related news, CFO Patrick J. Rusnak purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 19th. The stock was acquired at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the acquisition, the chief financial officer now owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.98% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings 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 buying an additional 404,986 shares in the last quarter. Vanguard Group Inc. grew its holdings 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 buying an additional 136,352 shares in the last quarter. State Street Corp grew its holdings 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 buying an additional 771,015 shares in the last quarter. Wells Fargo & Company MN grew its holdings 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 buying an additional 396,934 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings 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 buying an additional 1,789,571 shares in the last quarter. Institutional investors and hedge funds own 88.75% 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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