PacWest Bancorp (PACW) Expected to Announce Quarterly Sales of $288.73 Million

Wall Street brokerages expect that PacWest Bancorp (NASDAQ:PACW) will post $288.73 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for PacWest Bancorp’s earnings. The highest sales estimate is $298.10 million and the lowest is $280.00 million. PacWest Bancorp posted sales of $267.57 million during the same quarter last year, which would indicate a positive year over year growth rate of 7.9%. The company is expected to announce its next earnings results on Monday, April 16th.

On average, analysts expect that PacWest Bancorp will report full year sales of $288.73 million for the current financial year, with estimates ranging from $1.17 billion to $1.23 billion. For the next year, analysts anticipate that the business will report sales of $1.28 billion per share, with estimates ranging from $1.26 billion to $1.31 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover PacWest Bancorp.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. The firm had revenue of $289.75 million for the quarter, compared to the consensus estimate of $297.74 million. During the same period last year, the company posted $0.71 earnings per share.

Several equities analysts have weighed in on the company. B. Riley reissued a “neutral” rating and set a $55.00 price objective (up from $52.00) on shares of PacWest Bancorp in a report on Monday. DA Davidson reissued a “buy” rating and set a $59.00 price objective on shares of PacWest Bancorp in a report on Friday, January 19th. BMO Capital Markets increased their price objective on PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a report on Friday, January 19th. SunTrust Banks reissued a “hold” rating and set a $54.00 price objective on shares of PacWest Bancorp in a report on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $59.00 price objective on shares of PacWest Bancorp in a report on Friday, December 22nd. Ten investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $54.70.

In other news, Director Daniel B. Platt sold 7,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.98% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. MHI Funds LLC purchased a new stake in shares of PacWest Bancorp in the fourth quarter worth $1,254,000. Cerebellum GP LLC purchased a new stake in shares of PacWest Bancorp in the fourth quarter worth $135,000. Smith Graham & Co. Investment Advisors LP raised its position in shares of PacWest Bancorp by 2.0% in the fourth quarter. Smith Graham & Co. Investment Advisors LP now owns 148,123 shares of the financial services provider’s stock worth $7,465,000 after buying an additional 2,860 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of PacWest Bancorp by 83.3% in the fourth quarter. State of Alaska Department of Revenue now owns 18,900 shares of the financial services provider’s stock worth $952,000 after buying an additional 8,590 shares in the last quarter. Finally, Oakbrook Investments LLC raised its position in shares of PacWest Bancorp by 21.1% in the fourth quarter. Oakbrook Investments LLC now owns 9,200 shares of the financial services provider’s stock worth $464,000 after buying an additional 1,600 shares in the last quarter. Institutional investors own 82.42% of the company’s stock.

PacWest Bancorp (NASDAQ:PACW) opened at $53.74 on Wednesday. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.53. The firm has a market capitalization of $6,930.00, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 1.61 and a beta of 1.59. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19.

PacWest Bancorp declared that its board has approved a share buyback program on Thursday, November 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

COPYRIGHT VIOLATION WARNING: “PacWest Bancorp (PACW) Expected to Announce Quarterly Sales of $288.73 Million” was first reported by American Banking News and is the sole property of of American Banking News. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright legislation. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2018/01/24/pacwest-bancorp-pacw-expected-to-announce-quarterly-sales-of-288-73-million.html.

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.

Get a free copy of the Zacks research report on PacWest Bancorp (PACW)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply