Analysts expect PacWest Bancorp (NASDAQ:PACW) to report sales of $298.12 million for the current fiscal quarter, according to Zacks. Seven analysts have made estimates for PacWest Bancorp’s earnings. The lowest sales estimate is $291.39 million and the highest is $305.30 million. PacWest Bancorp reported sales of $277.20 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.5%. The company is scheduled to issue its next quarterly earnings results on Thursday, January 18th.
On average, analysts expect that PacWest Bancorp will report full-year sales of $298.12 million for the current year, with estimates ranging from $1.10 billion to $1.14 billion. For the next year, analysts forecast that the business will post sales of $1.25 billion per share, with estimates ranging from $1.23 billion to $1.28 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. PacWest Bancorp had a return on equity of 8.78% and a net margin of 37.16%. The firm had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. During the same quarter in the previous year, the business earned $0.77 EPS.
Several equities analysts recently commented on the company. SunTrust Banks, Inc. assumed coverage on PacWest Bancorp in a research note on Friday, August 18th. They issued a “hold” rating and a $49.00 price objective on the stock. BidaskClub upgraded PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Raymond James Financial, Inc. downgraded PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. Zacks Investment Research downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Finally, DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. PacWest Bancorp currently has an average rating of “Hold” and an average target price of $53.00.
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PacWest Bancorp (NASDAQ:PACW) traded up $1.30 during trading on Wednesday, reaching $45.16. The company had a trading volume of 1,810,000 shares, compared to its average volume of 1,050,000. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $5,820.00, a P/E ratio of 15.13, a price-to-earnings-growth ratio of 1.52 and a beta of 1.60.
PacWest Bancorp announced that its Board of Directors has initiated a share repurchase plan on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.43%. PacWest Bancorp’s payout ratio is 67.57%.
In other PacWest Bancorp news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction on Thursday, October 19th. The shares were acquired at an average price of $46.92 per share, with a total value of $93,840.00. Following the acquisition, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.98% of the company’s stock.
A number of hedge funds have recently modified their holdings of PACW. BlackRock Inc. increased its holdings in shares of PacWest Bancorp by 3.1% in the second quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock worth $632,700,000 after purchasing an additional 404,986 shares during the period. Vanguard Group Inc. increased its holdings in shares of PacWest Bancorp by 1.4% in the second quarter. Vanguard Group Inc. now owns 10,032,383 shares of the financial services provider’s stock worth $468,512,000 after purchasing an additional 136,352 shares during the period. State Street Corp increased its holdings in shares of PacWest Bancorp by 15.0% in the second quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after purchasing an additional 771,015 shares during the period. Wells Fargo & Company MN increased its holdings in shares of PacWest Bancorp by 7.2% in the third quarter. Wells Fargo & Company MN now owns 4,346,216 shares of the financial services provider’s stock worth $219,528,000 after purchasing an additional 291,225 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of PacWest Bancorp by 2.7% in the third quarter. Principal Financial Group Inc. now owns 3,469,993 shares of the financial services provider’s stock worth $175,270,000 after purchasing an additional 90,968 shares during the period. 82.93% of the stock is currently owned by institutional investors and hedge funds.
About PacWest Bancorp
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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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.
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