Equities research analysts forecast that PacWest Bancorp (NASDAQ:PACW) will report $0.93 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for PacWest Bancorp’s earnings. The highest EPS estimate is $0.96 and the lowest is $0.88. PacWest Bancorp posted earnings per share of $0.84 during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.7%. The business is expected to announce its next earnings report on Tuesday, October 16th.
According to Zacks, analysts expect that PacWest Bancorp will report full-year earnings of $3.73 per share for the current year, with EPS estimates ranging from $3.62 to $3.79. For the next year, analysts expect that the company will post earnings of $3.96 per share, with EPS estimates ranging from $3.77 to $4.12. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that that provide coverage for PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.05. PacWest Bancorp had a return on equity of 8.70% and a net margin of 33.41%. The firm had revenue of $301.97 million during the quarter, compared to the consensus estimate of $293.62 million. During the same period in the prior year, the firm earned $0.77 EPS.
A number of equities analysts have weighed in on the stock. Stephens reissued a “buy” rating and issued a $58.00 price objective on shares of PacWest Bancorp in a research report on Friday, July 13th. Sandler O’Neill reissued a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Monday, June 25th. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, July 19th. Wells Fargo & Co set a $51.00 price objective on shares of PacWest Bancorp and gave the company a “hold” rating in a research report on Tuesday, October 2nd. Finally, ValuEngine raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $55.42.
In other news, Director Tanya M. Acker acquired 1,000 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was bought at an average cost of $50.26 per share, with a total value of $50,260.00. Following the transaction, the director now directly owns 3,900 shares in the company, valued at approximately $196,014. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.01% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Point72 Asia Hong Kong Ltd bought a new position in shares of PacWest Bancorp during the first quarter worth about $139,000. Qube Research & Technologies Ltd bought a new position in shares of PacWest Bancorp during the second quarter worth about $158,000. ARP Americas LP bought a new position in shares of PacWest Bancorp during the second quarter worth about $217,000. NumerixS Investment Technologies Inc bought a new position in shares of PacWest Bancorp during the second quarter worth about $235,000. Finally, Summit X LLC bought a new position in shares of PacWest Bancorp during the second quarter worth about $238,000. 87.42% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ PACW traded down $1.12 during trading hours on Friday, hitting $44.89. The company had a trading volume of 1,083,075 shares, compared to its average volume of 852,440. PacWest Bancorp has a fifty-two week low of $43.61 and a fifty-two week high of $55.86. The company has a market cap of $5.83 billion, a P/E ratio of 15.37, a P/E/G ratio of 1.28 and a beta of 1.41. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.34.
About PacWest Bancorp
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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