Zacks: Analysts Expect PacWest Bancorp (PACW) Will Announce Quarterly Sales of $288.24 Million

Equities analysts forecast that PacWest Bancorp (NASDAQ:PACW) will report $288.24 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for PacWest Bancorp’s earnings. The highest sales estimate is $298.10 million and the lowest is $280.00 million. PacWest Bancorp reported sales of $267.57 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 7.7%. The business is scheduled to issue its next quarterly earnings report on Monday, April 16th.

On average, analysts expect that PacWest Bancorp will report full year sales of $288.24 million for the current year, with estimates ranging from $1.17 billion to $1.23 billion. For the next year, analysts forecast that the firm will report sales of $1.28 billion per share, with estimates ranging from $1.26 billion to $1.31 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover PacWest Bancorp.

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

A number of equities research analysts have recently weighed in on PACW shares. BidaskClub raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday. BMO Capital Markets reaffirmed a “hold” rating and set a $49.00 target price on shares of PacWest Bancorp in a research note on Wednesday, December 20th. FBR & Co lowered shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Wednesday, October 18th. B. Riley reaffirmed a “hold” rating and set a $50.00 target price on shares of PacWest Bancorp in a research note on Monday, December 11th. Finally, Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Wednesday, January 24th. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. PacWest Bancorp has an average rating of “Hold” and an average target price of $55.18.

Shares of PacWest Bancorp (PACW) opened at $51.60 on Friday. The firm has a market cap of $6,650.00, a PE ratio of 17.73, a PEG ratio of 1.49 and a beta of 1.51. 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 52 week low of $43.08 and a 52 week high of $57.53.

PacWest Bancorp declared that its Board of Directors has initiated a share repurchase plan on Thursday, November 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a yield of 3.88%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 68.73%.

In related news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.98% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its holdings in PacWest Bancorp by 4.9% in the second quarter. PNC Financial Services Group Inc. now owns 9,662 shares of the financial services provider’s stock worth $452,000 after buying an additional 452 shares during the last quarter. GSA Capital Partners LLP raised its holdings in PacWest Bancorp by 90.6% in the second quarter. GSA Capital Partners LLP now owns 7,761 shares of the financial services provider’s stock worth $362,000 after buying an additional 3,690 shares during the last quarter. Numeric Investors LLC purchased a new position in PacWest Bancorp in the second quarter worth about $285,000. AHL Partners LLP raised its holdings in PacWest Bancorp by 119.5% in the second quarter. AHL Partners LLP now owns 8,949 shares of the financial services provider’s stock worth $418,000 after buying an additional 4,872 shares during the last quarter. Finally, Flinton Capital Management LLC raised its holdings in PacWest Bancorp by 90.4% in the second quarter. Flinton Capital Management LLC now owns 6,640 shares of the financial services provider’s stock worth $310,000 after buying an additional 3,152 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

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

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