Brokerages expect PacWest Bancorp (NASDAQ:PACW) to post sales of $289.56 million for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for PacWest Bancorp’s earnings. The lowest sales estimate is $279.93 million and the highest is $298.90 million. PacWest Bancorp reported sales of $267.57 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 8.2%. The firm is expected to report its next quarterly earnings results on Monday, April 16th.
According to Zacks, analysts expect that PacWest Bancorp will report full year sales of $289.56 million for the current fiscal year, with estimates ranging from $1.17 billion to $1.25 billion. For the next year, analysts forecast that the business will report sales of $1.29 billion per share, with estimates ranging from $1.27 billion to $1.35 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). The firm had revenue of $289.75 million for the quarter, compared to the consensus estimate of $297.74 million. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same quarter in the prior year, the firm earned $0.71 EPS.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Wednesday, March 28th. BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. ValuEngine lowered PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, March 20th. B. Riley reaffirmed a “neutral” rating and set a $55.00 target price (up from $52.00) on shares of PacWest Bancorp in a report on Monday, January 22nd. Finally, BMO Capital Markets lifted their target price on PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a report on Friday, January 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. PacWest Bancorp presently has an average rating of “Hold” and a consensus price target of $54.73.
PACW stock traded down $1.52 during midday trading on Monday, reaching $47.71. 876,211 shares of the stock were exchanged, compared to its average volume of 975,358. The firm has a market capitalization of $6,161.33, a P/E ratio of 16.34, a P/E/G ratio of 1.42 and a beta of 1.45. PacWest Bancorp has a 52 week low of $43.08 and a 52 week high of $54.86. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.
PacWest Bancorp declared that its Board of Directors has approved a stock buyback program on Friday, February 16th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.98% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PACW. SWS Partners acquired a new position in shares of PacWest Bancorp in the 4th quarter valued at about $110,000. Captrust Financial Advisors acquired a new position in shares of PacWest Bancorp in the 4th quarter valued at about $111,000. Steward Partners Investment Advisory LLC acquired a new position in shares of PacWest Bancorp in the 3rd quarter valued at about $122,000. Cerebellum GP LLC acquired a new position in shares of PacWest Bancorp in the 4th quarter valued at about $135,000. Finally, Bessemer Group Inc. acquired a new position in shares of PacWest Bancorp in the 4th quarter valued at about $144,000. 88.04% of the stock is currently owned by hedge funds and other institutional investors.
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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 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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