PacWest Bancorp (NASDAQ:PACW) Forecasted to Earn Q2 2023 Earnings of $0.33 Per Share

PacWest Bancorp (NASDAQ:PACW – Get Rating) – Equities research analysts at DA Davidson decreased their Q2 2023 EPS estimates for PacWest Bancorp in a research note issued on Tuesday, May 23rd. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings of $0.33 per share for the quarter, down from their previous forecast of $0.41. The consensus estimate for PacWest Bancorp’s current full-year earnings is $1.51 per share.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last issued its quarterly 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. The business had revenue of $315.69 million for the quarter, compared to the consensus estimate of $311.72 million. PacWest Bancorp had a negative net margin of 48.43% and a positive return on equity of 14.46%. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share.

Several other research firms have also recently issued reports on PACW. Truist Financial reduced their price objective on shares of PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating on the stock in a research report on Thursday, March 23rd. Stephens reiterated an “overweight” rating and set a $32.00 price objective on shares of PacWest Bancorp in a research report on Monday, March 13th. Wells Fargo & Company reduced their price target on shares of PacWest Bancorp from $30.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 5th. StockNews.com started coverage on shares of PacWest Bancorp in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods reduced their price target on shares of PacWest Bancorp from $30.00 to $14.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $21.88.

PacWest Bancorp Trading Down 5.4 %

PacWest Bancorp stock opened at $6.81 on Wednesday. The stock has a market cap of $803.85 million, a P/E ratio of -0.87 and a beta of 1.36. The company has a debt-to-equity ratio of 5.61, a current ratio of 1.21 and a quick ratio of 1.12. PacWest Bancorp has a 1 year low of $2.48 and a 1 year high of $32.68. The firm’s 50 day moving average price is $8.69 and its 200-day moving average price is $19.24.

PacWest Bancorp Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Monday, May 15th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Friday, May 12th. PacWest Bancorp’s dividend payout ratio (DPR) is -0.51%.

Insider Buying and Selling at PacWest Bancorp

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in PacWest Bancorp by 46.6% during the 1st quarter. JPMorgan Chase & Co. now owns 519,369 shares of the financial services provider’s stock worth $5,055,000 after acquiring an additional 165,035 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in PacWest Bancorp by 29.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 107,547 shares of the financial services provider’s stock worth $1,046,000 after acquiring an additional 24,528 shares in the last quarter. BHZ Capital Management LP grew its holdings in PacWest Bancorp by 81.4% during the 1st quarter. BHZ Capital Management LP now owns 729,476 shares of the financial services provider’s stock worth $7,098,000 after acquiring an additional 327,284 shares in the last quarter. Milestone Investment Advisors LLC bought a new position in PacWest Bancorp during the 1st quarter worth about $141,000. Finally, Hollencrest Capital Management grew its holdings in PacWest Bancorp by 12.1% during the 1st quarter. Hollencrest Capital Management now owns 72,674 shares of the financial services provider’s stock worth $707,000 after acquiring an additional 7,868 shares in the last quarter. Hedge funds and other institutional investors own 91.97% of the company’s stock.

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.