PacWest Bancorp (PACW) Expected to Post Earnings of $0.75 Per Share
Analysts forecast that PacWest Bancorp (NASDAQ:PACW) will announce earnings per share of $0.75 for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for PacWest Bancorp’s earnings. The highest EPS estimate is $0.81 and the lowest is $0.70. PacWest Bancorp posted earnings of $0.71 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.6%. 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 $2.99 per share for the current fiscal year, with EPS estimates ranging from $2.94 to $3.06. For the next fiscal year, analysts anticipate that the company will post earnings of $3.13 per share, with EPS estimates ranging from $2.92 to $3.32. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that cover PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $273.07 million for the quarter, compared to analysts’ expectations of $281.14 million. During the same quarter in the previous year, the company posted $0.77 EPS.
Shares of PacWest Bancorp (NASDAQ PACW) opened at $49.03 on Wednesday. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. The stock has a market cap of $6,223.73, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 1.61 and a beta of 1.59.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Monday, November 20th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, November 17th. This represents a $2.00 annualized dividend and a yield of 4.08%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 67.34%.
PacWest Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In related news, CFO Patrick J. Rusnak acquired 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, October 19th. The shares were purchased 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 owns 77,852 shares in the company, valued at $3,652,815.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.98% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Ffcm LLC raised its holdings in PacWest Bancorp by 172.7% in the 2nd quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,516 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in PacWest Bancorp in the 3rd quarter valued at about $122,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in PacWest Bancorp by 12.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after buying an additional 468 shares during the period. Raymond James Trust N.A. purchased a new stake in PacWest Bancorp in the 3rd quarter valued at about $211,000. Finally, CIBC Asset Management Inc purchased a new stake in PacWest Bancorp in the 3rd quarter valued at about $213,000. Hedge funds and other institutional investors own 82.37% of the company’s stock.
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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 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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