Equities Analysts Set Expectations for PacWest Bancorp’s FY2018 Earnings (PACW)

PacWest Bancorp (NASDAQ:PACW) – Equities researchers at Wedbush upped their FY2018 earnings per share estimates for PacWest Bancorp in a note issued to investors on Friday. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $3.32 for the year, up from their prior forecast of $3.19. Wedbush also issued estimates for PacWest Bancorp’s FY2019 earnings at $3.60 EPS.

Several other research analysts also recently commented on PACW. UBS Group downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. B. Riley reiterated a “neutral” rating and set a $55.00 target price (up from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Wednesday, January 24th. BidaskClub downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Finally, DA Davidson reiterated a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research note on Friday, January 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $55.18.

PacWest Bancorp (NASDAQ:PACW) opened at $52.87 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.90 and a current ratio of 0.93. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53. The company has a market capitalization of $6,820.00, a P/E ratio of 18.17, a PEG ratio of 1.53 and a beta of 1.51.

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

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.00 annualized dividend and a yield of 3.78%. PacWest Bancorp’s payout ratio is currently 68.73%.

PacWest Bancorp declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In related news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.98% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC acquired a new position in PacWest Bancorp in the 3rd quarter valued at $122,000. Cerebellum GP LLC acquired a new position in PacWest Bancorp in the 4th quarter valued at $135,000. Bessemer Group Inc. acquired a new position in PacWest Bancorp in the 4th quarter valued at $144,000. Raymond James Trust N.A. acquired a new position in PacWest Bancorp in the 3rd quarter valued at $211,000. Finally, CIBC Asset Management Inc acquired a new position in PacWest Bancorp in the 3rd quarter valued at $213,000. 82.48% of the stock is owned by hedge funds and other institutional investors.

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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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