PacWest Bancorp (NASDAQ:PACW) issued its earnings results on Tuesday. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.80 by $0.13, Briefing.com reports. The company had revenue of $295.06 million during the quarter, compared to analysts’ expectations of $288.49 million. PacWest Bancorp had a net margin of 32.53% and a return on equity of 8.41%. During the same period in the previous year, the company earned $0.65 EPS.
PACW stock opened at $50.59 on Thursday. The company has a market cap of $6,206.39, a P/E ratio of 15.45, a P/E/G ratio of 1.42 and a beta of 1.45. PacWest Bancorp has a 1 year low of $43.08 and a 1 year 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 has initiated a share buyback program on Friday, February 16th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
Several equities analysts have recently commented on PACW shares. BidaskClub upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. BMO Capital Markets restated a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, December 22nd. SunTrust Banks restated a “hold” rating and issued a $54.00 target price on shares of PacWest Bancorp in a research report on Tuesday, January 9th. Finally, DA Davidson restated a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. PacWest Bancorp presently has a consensus rating of “Buy” and a consensus price target of $54.73.
In related news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.01% of the stock is owned by corporate insiders.
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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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