$298.55 Million in Sales Expected for PacWest Bancorp (PACW) This Quarter
Equities analysts expect PacWest Bancorp (NASDAQ:PACW) to post $298.55 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for PacWest Bancorp’s earnings, with the highest sales estimate coming in at $305.30 million and the lowest estimate coming in at $291.39 million. PacWest Bancorp reported sales of $277.20 million during the same quarter last year, which indicates a positive year over year growth rate of 7.7%. The company is expected to issue its next earnings results on Thursday, January 18th.
According to Zacks, analysts expect that PacWest Bancorp will report full year sales of $298.55 million for the current financial year, with estimates ranging from $1.10 billion to $1.14 billion. For the next financial year, analysts anticipate that the firm will post sales of $1.26 billion per share, with estimates ranging from $1.23 billion to $1.28 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The company had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same period in the previous year, the firm posted $0.77 EPS.
PACW has been the subject of several research analyst reports. FBR & Co set a $55.00 price target on shares of PacWest Bancorp and gave the company a “buy” rating in a research report on Wednesday, July 19th. BidaskClub downgraded shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. SunTrust Banks, Inc. restated a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research report on Thursday, October 12th. Finally, UBS Group AG downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $53.00.
Shares of PacWest Bancorp (NASDAQ PACW) traded up 1.881% on Thursday, reaching $48.791. The company’s stock had a trading volume of 524,284 shares. The stock has a 50-day moving average of $47.73 and a 200 day moving average of $47.69. PacWest Bancorp has a 1-year low of $41.28 and a 1-year high of $57.53. The stock has a market capitalization of $5.93 billion, a PE ratio of 16.478 and a beta of 1.62.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The stock was bought at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the transaction, the chief financial officer now directly owns 77,852 shares in the company, valued at $3,652,815.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.98% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in PacWest Bancorp by 3.1% in the 2nd 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. lifted its position in PacWest Bancorp by 1.4% in the 2nd 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 lifted its position in 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 worth $275,951,000 after buying an additional 771,015 shares in the last quarter. Wells Fargo & Company MN lifted its position in PacWest Bancorp by 10.9% in the 2nd 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. lifted its position in 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 worth $157,801,000 after buying an additional 1,789,571 shares in the last quarter. Institutional investors own 89.05% 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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