PacWest Bancorp (PACW) Forecasted to Earn Q1 2018 Earnings of $0.80 Per Share
PacWest Bancorp (NASDAQ:PACW) – Stock analysts at DA Davidson issued their Q1 2018 earnings estimates for shares of PacWest Bancorp in a research note issued on Wednesday. DA Davidson analyst G. Tenner anticipates that the financial services provider will earn $0.80 per share for the quarter. DA Davidson has a “Buy” rating and a $53.00 price target on the stock. DA Davidson also issued estimates for PacWest Bancorp’s Q2 2018 earnings at $0.81 EPS, Q3 2018 earnings at $0.82 EPS, Q4 2018 earnings at $0.87 EPS and FY2018 earnings at $3.29 EPS.
Other analysts have also recently issued research reports about the stock. SunTrust Banks, Inc. began coverage on shares of PacWest Bancorp in a research note on Friday, August 18th. They set a “hold” rating and a $49.00 price target for the company. BidaskClub cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. BMO Capital Markets decreased their price target on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a research note on Thursday. Piper Jaffray Companies reiterated a “buy” rating and set a $54.00 price target on shares of PacWest Bancorp in a research note on Thursday. Finally, Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $53.00.
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Shares of PacWest Bancorp (NASDAQ:PACW) traded up 1.70% on Friday, hitting $47.81. 677,443 shares of the company traded hands. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The company has a market capitalization of $5.81 billion, a PE ratio of 16.15 and a beta of 1.62. The stock’s 50-day moving average price is $47.41 and its 200-day moving average price is $47.85.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The firm had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. During the same quarter last year, the company posted $0.77 earnings per share.
Several institutional investors and hedge funds have recently made changes to their positions in PACW. Janus Henderson Group PLC purchased a new position in shares of PacWest Bancorp in the 2nd quarter valued at about $108,636,000. Principal Financial Group Inc. increased its holdings in shares of PacWest Bancorp by 112.6% in the 2nd quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after purchasing an additional 1,789,571 shares in the last quarter. Koch Industries Inc. increased its holdings in shares of PacWest Bancorp by 30,853.3% in the 2nd quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock valued at $1,313,000 after purchasing an additional 1,337,180 shares in the last quarter. State Street Corp increased its holdings in shares of PacWest Bancorp by 15.0% in the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after purchasing an additional 771,015 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of PacWest Bancorp by 6.3% in the 1st quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock valued at $527,062,000 after purchasing an additional 583,193 shares in the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.
In related news, CFO Patrick J. Rusnak purchased 2,000 shares of the business’s stock in a transaction dated 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 acquisition, the chief financial officer now directly 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 SEC, which can be accessed through the SEC website. Company insiders own 0.98% of the company’s stock.
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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