Equities Analysts Issue Forecasts for PacWest Bancorp’s FY2023 Earnings (NASDAQ:PACW)

PacWest Bancorp (NASDAQ:PACW – Get Rating) – Stock analysts at DA Davidson dropped their FY2023 EPS estimates for PacWest Bancorp in a research report issued on Tuesday, May 23rd. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings per share of $1.16 for the year, down from their previous estimate of $1.77. The consensus estimate for PacWest Bancorp’s current full-year earnings is $1.51 per share. DA Davidson also issued estimates for PacWest Bancorp’s FY2024 earnings at $1.28 EPS.

A number of other research firms have also recently commented on PACW. Keefe, Bruyette & Woods reduced their price objective on shares of PacWest Bancorp from $30.00 to $14.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Truist Financial reduced their price objective on shares of PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating for the company in a research report on Thursday, March 23rd. TheStreet cut shares of PacWest Bancorp from a “c” rating to a “d+” rating in a research report on Tuesday, April 25th. Wedbush reaffirmed a “neutral” rating and set a $27.00 price objective on shares of PacWest Bancorp in a research report on Monday, March 13th. Finally, Stephens reaffirmed an “overweight” rating and set a $32.00 price objective on shares of PacWest Bancorp in a research report on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $21.88.

PacWest Bancorp Price Performance

NASDAQ:PACW opened at $6.81 on Thursday. PacWest Bancorp has a 1-year low of $2.48 and a 1-year high of $32.68. The company has a current ratio of 1.21, a quick ratio of 1.12 and a debt-to-equity ratio of 5.61. The firm has a fifty day simple moving average of $8.69 and a 200 day simple moving average of $19.24. The stock has a market capitalization of $803.85 million, a PE ratio of -0.87 and a beta of 1.36.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last released its earnings results on Wednesday, April 26th. The financial services provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. PacWest Bancorp had a negative net margin of 48.43% and a positive return on equity of 14.46%. The business had revenue of $315.69 million during the quarter, compared to analysts’ expectations of $311.72 million. During the same period last year, the business earned $1.01 earnings per share. The firm’s revenue was down 5.3% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Guardian Wealth Advisors LLC acquired a new position in PacWest Bancorp in the third quarter valued at about $31,000. Eagle Bay Advisors LLC raised its stake in PacWest Bancorp by 36.3% during the fourth quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 444 shares in the last quarter. Creative Capital Management Investments LLC acquired a new position in PacWest Bancorp during the fourth quarter worth about $54,000. Exchange Traded Concepts LLC acquired a new position in PacWest Bancorp during the first quarter worth about $37,000. Finally, Dark Forest Capital Management LP raised its stake in PacWest Bancorp by 4,619.3% during the first quarter. Dark Forest Capital Management LP now owns 4,153 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 4,065 shares in the last quarter. Institutional investors and hedge funds own 91.97% of the company’s stock.

Insider Activity

In other PacWest Bancorp news, Director C William Hosler bought 2,000 shares of PacWest Bancorp stock in a transaction dated Thursday, March 9th. The stock was bought at an average price of $20.66 per share, with a total value of $41,320.00. Following the completion of the transaction, the director now owns 56,720 shares in the company, valued at approximately $1,171,835.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director C William Hosler purchased 2,000 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The stock was acquired at an average price of $20.66 per share, with a total value of $41,320.00. Following the completion of the purchase, the director now directly owns 56,720 shares in the company, valued at $1,171,835.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William J. Black purchased 13,000 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The stock was bought at an average cost of $20.57 per share, with a total value of $267,410.00. Following the purchase, the executive vice president now owns 13,000 shares of the company’s stock, valued at $267,410. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 51,833 shares of company stock valued at $1,089,746. 1.25% of the stock is owned by company insiders.

PacWest Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 15th will be given a $0.01 dividend. The ex-dividend date of this dividend is Friday, May 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.59%. PacWest Bancorp’s payout ratio is presently -0.51%.

PacWest Bancorp Company Profile

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PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. It offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses through the Pacific Western Bank.