$0.72 EPS Expected for PacWest Bancorp (PACW) This Quarter
Brokerages predict that PacWest Bancorp (NASDAQ:PACW) will post earnings of $0.72 per share for the current quarter, according to Zacks. Seven analysts have made estimates for PacWest Bancorp’s earnings, with estimates ranging from $0.66 to $0.77. PacWest Bancorp reported earnings of $0.71 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.4%. The firm is expected to report its next quarterly earnings report on Thursday, January 18th.
On average, analysts expect that PacWest Bancorp will report full-year earnings of $2.94 per share for the current year, with EPS estimates ranging from $2.84 to $3.00. For the next fiscal year, analysts expect that the firm will report earnings of $3.23 per share, with EPS estimates ranging from $3.04 to $3.48. Zacks’ EPS averages are a mean average based on a survey of research analysts that cover PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. The firm had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter in the previous year, the company earned $0.77 earnings per share.
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In related news, CFO Patrick J. Rusnak acquired 2,000 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.98% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in PACW. Janus Henderson Group PLC acquired a new position in shares of PacWest Bancorp in the second quarter valued at about $108,636,000. Principal Financial Group Inc. grew its stake 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. Koch Industries Inc. grew its stake in PacWest Bancorp by 30,853.3% during the second quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock worth $1,313,000 after buying an additional 1,337,180 shares in the last quarter. State Street Corp grew its stake 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. Finally, Prudential Financial Inc. grew its stake in PacWest Bancorp by 86.1% during the third quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock worth $56,907,000 after buying an additional 521,327 shares in the last quarter. Institutional investors and hedge funds own 82.93% of the company’s stock.
Shares of PacWest Bancorp (PACW) traded down $0.30 during midday trading on Monday, reaching $44.70. 714,900 shares of the company were exchanged, compared to its average volume of 1,204,360. The firm has a market capitalization of $5,763.43, a PE ratio of 15.05, a P/E/G ratio of 1.51 and a beta of 1.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $57.53.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.47%. The ex-dividend date is Friday, November 17th. PacWest Bancorp’s dividend payout ratio (DPR) is currently 67.34%.
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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