PacWest Bancorp (NASDAQ:PACW) – Stock analysts at DA Davidson upped their Q2 2018 earnings per share (EPS) estimates for PacWest Bancorp in a report issued on Wednesday, April 18th. DA Davidson analyst G. Tenner now expects that the financial services provider will earn $0.92 per share for the quarter, up from their previous forecast of $0.87. DA Davidson currently has a “Buy” rating and a $59.00 target price on the stock. DA Davidson also issued estimates for PacWest Bancorp’s Q3 2018 earnings at $0.94 EPS, Q4 2018 earnings at $0.95 EPS, FY2018 earnings at $3.73 EPS and FY2019 earnings at $3.92 EPS.
Other research analysts also recently issued research reports about the company. B. Riley restated a “neutral” rating and set a $55.00 price target (up previously from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Wednesday, March 28th. Raymond James upgraded PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a research note on Tuesday, April 10th. UBS upgraded PacWest Bancorp from a “market perform” rating to a “strong-buy” rating in a research note on Tuesday, April 10th. Finally, BidaskClub downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, March 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $54.73.
NASDAQ:PACW opened at $50.98 on Thursday. The company has a market cap of $6,331.54, a P/E ratio of 17.46, a PEG ratio of 1.41 and a beta of 1.45. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.21. PacWest Bancorp has a 52-week low of $43.08 and a 52-week high of $54.86.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $295.06 million for the quarter, compared to the consensus estimate of $288.49 million. PacWest Bancorp had a return on equity of 8.34% and a net margin of 32.53%. During the same quarter last year, the business posted $0.65 EPS.
PacWest Bancorp announced that its board has authorized a share buyback plan on Friday, February 16th that allows the company to repurchase $200.00 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 of directors believes its shares are undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.01% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB purchased a new stake in shares of PacWest Bancorp in the fourth quarter valued at approximately $580,000. William Blair Investment Management LLC boosted its stake in shares of PacWest Bancorp by 26.0% in the fourth quarter. William Blair Investment Management LLC now owns 21,715 shares of the financial services provider’s stock valued at $1,094,000 after buying an additional 4,476 shares in the last quarter. Probabilities Fund Management LLC purchased a new stake in shares of PacWest Bancorp in the fourth quarter valued at approximately $1,658,000. SWS Partners purchased a new stake in shares of PacWest Bancorp in the fourth quarter valued at approximately $110,000. Finally, MetLife Investment Advisors LLC purchased a new stake in shares of PacWest Bancorp in the fourth quarter valued at approximately $4,112,000. Hedge funds and other institutional investors own 88.47% of the company’s stock.
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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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