Research Analysts Set Expectations for PacWest Bancorp’s Q2 2023 Earnings (NASDAQ:PACW)

PacWest Bancorp (NASDAQ:PACWGet Rating) – Wedbush decreased their Q2 2023 earnings estimates for shares of PacWest Bancorp in a report issued on Monday, May 22nd. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.13 for the quarter, down from their previous estimate of $0.20. Wedbush has a “Neutral” rating and a $27.00 price objective on the stock. The consensus estimate for PacWest Bancorp’s current full-year earnings is $1.51 per share. Wedbush also issued estimates for PacWest Bancorp’s Q3 2023 earnings at $0.18 EPS, Q4 2023 earnings at $0.18 EPS, FY2023 earnings at $1.15 EPS, Q1 2024 earnings at $0.21 EPS, Q2 2024 earnings at $0.25 EPS, Q3 2024 earnings at $0.29 EPS, Q4 2024 earnings at $0.30 EPS and FY2024 earnings at $1.05 EPS.

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

Several other equities analysts have also weighed in on the stock. DA Davidson raised their price objective on shares of PacWest Bancorp from $3.00 to $8.00 in a research report on Tuesday. 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 report on Tuesday, April 25th. Keefe, Bruyette & Woods decreased their target price on shares of PacWest Bancorp from $30.00 to $14.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Finally, StockNews.com initiated coverage on shares of PacWest Bancorp in a report on Thursday, March 16th. They issued a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $21.88.

PacWest Bancorp Stock Performance

NASDAQ:PACW opened at $6.81 on Wednesday. PacWest Bancorp has a twelve month low of $2.48 and a twelve month 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 company has a 50-day moving average of $8.69 and a 200-day moving average of $19.24. The firm has a market cap of $803.85 million, a price-to-earnings ratio of -0.87 and a beta of 1.36.

Institutional Investors Weigh In On PacWest Bancorp

Institutional investors have recently bought and sold shares of the business. Guardian Wealth Advisors LLC acquired a new stake in shares of PacWest Bancorp in the 3rd quarter valued at $31,000. Exchange Traded Concepts LLC acquired a new stake in shares of PacWest Bancorp in the 1st quarter valued at $37,000. Eagle Bay Advisors LLC boosted its stake in shares of PacWest Bancorp by 36.3% in the 4th quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 444 shares in the last quarter. Dark Forest Capital Management LP boosted its stake in shares of PacWest Bancorp by 4,619.3% in the 1st quarter. Dark Forest Capital Management LP now owns 4,153 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 4,065 shares in the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in shares of PacWest Bancorp in the 1st quarter valued at $49,000. Institutional investors and hedge funds own 91.97% of the company’s stock.

Insider Activity

In related news, Chairman Matthew P. Wagner acquired 13,885 shares of the stock in a transaction dated Friday, March 10th. The shares were acquired at an average price of $21.12 per share, for a total transaction of $293,251.20. Following the completion of the purchase, the chairman now owns 33,885 shares in the company, valued at approximately $715,651.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Mark Yung acquired 3,148 shares of the stock in a transaction dated Friday, March 10th. The shares were acquired at an average price of $15.25 per share, for a total transaction of $48,007.00. Following the completion of the purchase, the chief operating officer now owns 12,118 shares in the company, valued at approximately $184,799.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Matthew P. Wagner purchased 13,885 shares of the firm’s stock in a transaction on Friday, March 10th. The shares were acquired at an average price of $21.12 per share, for a total transaction of $293,251.20. Following the purchase, the chairman now directly owns 33,885 shares of the company’s stock, valued at $715,651.20. The disclosure for this purchase can be found here. Insiders have bought a total of 51,833 shares of company stock valued at $1,089,746 over the last 90 days. 1.25% of the stock is currently owned by company insiders.

PacWest Bancorp Cuts Dividend

The company also recently declared 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. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Friday, May 12th. PacWest Bancorp’s dividend payout ratio is -0.51%.

About PacWest Bancorp

(Get Rating)

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.

See Also

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

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