Wall Street analysts expect that PacWest Bancorp (NASDAQ:PACW) will post $296.44 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have provided estimates for PacWest Bancorp’s earnings. The lowest sales estimate is $288.00 million and the highest is $301.80 million. PacWest Bancorp posted sales of $277.20 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.9%. The company is scheduled to report its next quarterly earnings report on Thursday, January 18th.
On average, analysts expect that PacWest Bancorp will report full-year sales of $296.44 million for the current year, with estimates ranging from $1.10 billion to $1.13 billion. For the next year, analysts forecast that the firm will report sales of $1.21 billion per share, with estimates ranging from $1.19 billion to $1.26 billion. Zacks’ sales averages are an average based on a survey of research firms that cover PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The firm had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. During the same period in the previous year, the company earned $0.77 earnings per share.
A number of brokerages recently weighed in on PACW. BidaskClub raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets reissued a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research report on Wednesday. SunTrust Banks reissued a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research report on Thursday, October 12th. Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Finally, B. Riley reissued a “hold” rating and issued a $50.00 price target on shares of PacWest Bancorp in a research report on Monday, December 11th. Ten investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. PacWest Bancorp presently has an average rating of “Hold” and an average price target of $52.82.
In other PacWest Bancorp news, CFO Patrick J. Rusnak acquired 2,000 shares of the company’s stock in a transaction on Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the purchase, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.98% of the company’s stock.
Several institutional investors have recently modified their holdings of PACW. Bank of Nova Scotia purchased a new stake in PacWest Bancorp during the second quarter worth about $1,742,000. Synovus Financial Corp boosted its holdings in PacWest Bancorp by 9.3% during the second quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock worth $6,641,000 after buying an additional 12,055 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in PacWest Bancorp by 11.5% during the second quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock worth $75,653,000 after buying an additional 167,575 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in PacWest Bancorp by 4.9% during the second quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock worth $59,942,000 after buying an additional 59,603 shares in the last quarter. Finally, Heartland Advisors Inc. lifted its holdings in shares of PacWest Bancorp by 20.1% in the second quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock valued at $11,217,000 after purchasing an additional 40,200 shares in the last quarter. Institutional investors and hedge funds own 82.37% of the company’s stock.
Shares of PacWest Bancorp (NASDAQ PACW) traded down $0.04 on Friday, reaching $50.44. 621,000 shares of the company were exchanged, compared to its average volume of 845,813. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $57.53. The stock has a market capitalization of $6,359.11, a PE ratio of 16.98, a PEG ratio of 1.65 and a beta of 1.59. 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Monday, November 20th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a yield of 3.97%. PacWest Bancorp’s dividend payout ratio is presently 67.34%.
PacWest Bancorp declared that its board has approved a share repurchase plan on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
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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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