Wedbush Weighs in on PacWest Bancorp’s FY2018 Earnings (PACW)

PacWest Bancorp (NASDAQ:PACW) – Equities research analysts at Wedbush dropped their FY2018 earnings estimates for PacWest Bancorp in a research report issued on Tuesday. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $3.10 per share for the year, down from their prior estimate of $3.20. Wedbush currently has a “Neutral” rating and a $49.00 price target on the stock.

A number of other research analysts also recently commented on the stock. Raymond James Financial, Inc. downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday. BidaskClub downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. FBR & Co set a $55.00 price target on shares of PacWest Bancorp and gave the company a “buy” rating in a report on Wednesday, July 19th. Finally, DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Thursday, September 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. PacWest Bancorp currently has an average rating of “Hold” and a consensus price target of $53.30.

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PacWest Bancorp (NASDAQ PACW) traded up 0.611% on Thursday, hitting $46.905. The stock had a trading volume of 701,967 shares. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of 16.196 and a beta of 1.62. PacWest Bancorp has a 52-week low of $41.10 and a 52-week high of $57.53. The company’s 50 day moving average price is $47.37 and its 200 day moving average price is $47.86.

PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The firm had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a return on equity of 7.91% and a net margin of 30.80%. During the same quarter in the previous year, the business earned $0.77 earnings per share.

Several large investors have recently modified their holdings of the company. Charter Trust Co. increased its position in shares of PacWest Bancorp by 0.8% during the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock worth $222,000 after acquiring an additional 38 shares during the period. Dowling & Yahnke LLC increased its position in shares of PacWest Bancorp by 0.8% during the second quarter. Dowling & Yahnke LLC now owns 7,858 shares of the financial services provider’s stock worth $367,000 after acquiring an additional 65 shares during the period. First Allied Advisory Services Inc. increased its position in shares of PacWest Bancorp by 1.1% during the second quarter. First Allied Advisory Services Inc. now owns 5,781 shares of the financial services provider’s stock worth $269,000 after acquiring an additional 65 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of PacWest Bancorp by 1.0% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 79 shares during the period. Finally, Tudor Investment Corp ET AL increased its position in shares of PacWest Bancorp by 0.5% during the first quarter. Tudor Investment Corp ET AL now owns 20,370 shares of the financial services provider’s stock worth $1,085,000 after acquiring an additional 101 shares during the period. 88.75% of the stock is currently owned by institutional investors and hedge funds.

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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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.

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

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