PacWest Bancorp (PACW) to Post Q1 2018 Earnings of $0.69 Per Share, SunTrust Banks Forecasts
PacWest Bancorp (NASDAQ:PACW) – Equities researchers at SunTrust Banks lowered their Q1 2018 earnings per share estimates for PacWest Bancorp in a research report issued on Monday. SunTrust Banks analyst M. Young now forecasts that the financial services provider will earn $0.69 per share for the quarter, down from their prior estimate of $0.77. SunTrust Banks has a “Hold” rating and a $49.00 price target on the stock. SunTrust Banks also issued estimates for PacWest Bancorp’s Q2 2018 earnings at $0.71 EPS, Q3 2018 earnings at $0.75 EPS, Q4 2018 earnings at $0.77 EPS, FY2018 earnings at $2.92 EPS, Q1 2019 earnings at $0.79 EPS, Q2 2019 earnings at $0.81 EPS, Q3 2019 earnings at $0.84 EPS and FY2019 earnings at $3.30 EPS.
A number of other research analysts also recently issued reports on the company. B. Riley reiterated a “hold” rating and issued a $50.00 price target on shares of PacWest Bancorp in a report on Monday. Raymond James Financial cut PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a research report on Wednesday, November 1st. UBS cut PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $54.00 price objective on shares of PacWest Bancorp in a research report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $52.73.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results 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. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The business had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. During the same period last year, the business posted $0.77 EPS.
Several institutional investors have recently modified their holdings of PACW. Ffcm LLC boosted its holdings in shares of PacWest Bancorp by 172.7% during the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,516 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in PacWest Bancorp in the third quarter valued at approximately $122,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in 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 acquiring an additional 468 shares during the last quarter. Raymond James Trust N.A. acquired a new position in PacWest Bancorp in the third quarter valued at approximately $211,000. Finally, CIBC Asset Management Inc acquired a new position in PacWest Bancorp in the third quarter valued at approximately $213,000. Institutional investors and hedge funds own 82.47% of the company’s stock.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction dated Thursday, October 19th. The shares were acquired at an average cost 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 in the company, valued at approximately $3,652,815.84. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.98% of the company’s stock.
PacWest Bancorp declared that its board has approved a share repurchase plan on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Monday, November 20th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Friday, November 17th. PacWest Bancorp’s dividend payout ratio is currently 67.34%.
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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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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