Research Analysts Set Expectations for PacWest Bancorp’s FY2019 Earnings (PACW)

PacWest Bancorp (NASDAQ:PACW) – Wedbush issued their FY2019 earnings estimates for PacWest Bancorp in a report issued on Thursday. Wedbush analyst D. Chiaverini anticipates that the financial services provider will post earnings per share of $3.35 for the year.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The business had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. During the same period last year, the firm posted $0.77 EPS.

A number of other research analysts have also weighed in on PACW. UBS Group lowered shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. BidaskClub raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. BMO Capital Markets reissued a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a report on Wednesday, December 20th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a report on Friday, December 22nd. Finally, FBR & Co lowered shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Wednesday, October 18th. Ten equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $53.18.

PacWest Bancorp (NASDAQ:PACW) traded up $0.27 during mid-day trading on Friday, hitting $50.52. 908,400 shares of the company were exchanged, compared to its average volume of 1,005,300. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $57.53. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market capitalization of $6,520.00, a price-to-earnings ratio of 17.07, a PEG ratio of 1.59 and a beta of 1.59.

A number of institutional investors and hedge funds have recently modified their holdings of PACW. Schwab Charles Investment Management Inc. lifted its position in PacWest Bancorp by 3.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 723,119 shares of the financial services provider’s stock worth $33,770,000 after buying an additional 23,114 shares during the last quarter. State of Wisconsin Investment Board lifted its position in PacWest Bancorp by 1.2% in the second quarter. State of Wisconsin Investment Board now owns 23,993 shares of the financial services provider’s stock worth $1,120,000 after buying an additional 290 shares during the last quarter. Legal & General Group Plc lifted its position in PacWest Bancorp by 15.9% in the second quarter. Legal & General Group Plc now owns 119,358 shares of the financial services provider’s stock worth $5,574,000 after buying an additional 16,356 shares during the last quarter. Utah Retirement Systems lifted its position in PacWest Bancorp by 1.9% in the second quarter. Utah Retirement Systems now owns 22,000 shares of the financial services provider’s stock worth $1,027,000 after buying an additional 400 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 worth $193,000 after buying an additional 468 shares during the last quarter. Institutional investors own 82.37% of the company’s stock.

In related news, CFO Patrick J. Rusnak purchased 2,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The stock was bought at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the completion of 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 Securities & Exchange Commission, which is available at this link. 0.98% of the stock is owned by company insiders.

PacWest Bancorp announced that its board has authorized a stock repurchase program on Thursday, November 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

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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.

Earnings History and Estimates for PacWest Bancorp (NASDAQ:PACW)

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