PacWest Bancorp (NASDAQ:PACW) – Analysts at Wedbush cut their FY2018 earnings per share estimates for PacWest Bancorp in a research note issued on Wednesday, October 17th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $3.67 per share for the year, down from their prior estimate of $3.68. Wedbush has a “Neutral” rating on the stock.
Other research analysts have also issued reports about the stock. Sandler O’Neill restated a “buy” rating and issued a $58.00 price objective on shares of PacWest Bancorp in a report on Friday, July 20th. Zacks Investment Research upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Thursday, July 19th. Stephens restated a “buy” rating and issued a $58.00 price objective on shares of PacWest Bancorp in a report on Friday, July 13th. Wells Fargo & Co set a $51.00 price objective on shares of PacWest Bancorp and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Finally, ValuEngine upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $54.90.
Shares of NASDAQ PACW opened at $42.28 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.97 and a quick ratio of 0.95. PacWest Bancorp has a 12 month low of $42.23 and a 12 month high of $55.86. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 1.19 and a beta of 1.41.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.02. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. The business had revenue of $297.23 million during the quarter, compared to analyst estimates of $301.52 million. During the same period in the prior year, the business earned $0.84 EPS.
Several institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC increased its stake in shares of PacWest Bancorp by 8.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 12,959 shares of the financial services provider’s stock worth $640,000 after acquiring an additional 1,034 shares in the last quarter. HPM Partners LLC grew its position in PacWest Bancorp by 22.6% during the 2nd quarter. HPM Partners LLC now owns 5,833 shares of the financial services provider’s stock valued at $288,000 after purchasing an additional 1,074 shares during the last quarter. Charter Trust Co. grew its position in PacWest Bancorp by 18.8% during the 2nd quarter. Charter Trust Co. now owns 7,998 shares of the financial services provider’s stock valued at $395,000 after purchasing an additional 1,263 shares during the last quarter. Mckinley Capital Management LLC Delaware grew its position in PacWest Bancorp by 5.7% during the 2nd quarter. Mckinley Capital Management LLC Delaware now owns 24,185 shares of the financial services provider’s stock valued at $1,195,000 after purchasing an additional 1,296 shares during the last quarter. Finally, Bank of Montreal Can grew its position in PacWest Bancorp by 6.9% during the 2nd quarter. Bank of Montreal Can now owns 20,677 shares of the financial services provider’s stock valued at $1,022,000 after purchasing an additional 1,332 shares during the last quarter. Institutional investors own 87.35% of the company’s stock.
In other PacWest Bancorp news, Director Tanya M. Acker purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was bought at an average cost of $50.26 per share, for a total transaction of $50,260.00. Following the purchase, the director now directly owns 3,900 shares in the company, valued at $196,014. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.01% of the stock is owned by company insiders.
About PacWest Bancorp
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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