Equities analysts forecast that PacWest Bancorp (NASDAQ:PACW) will announce earnings of $0.93 per share for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for PacWest Bancorp’s earnings, with estimates ranging from $0.88 to $0.96. PacWest Bancorp reported earnings of $0.67 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 38.8%. The firm is expected to report its next quarterly earnings report on Thursday, January 17th.
On average, analysts expect that PacWest Bancorp will report full-year earnings of $3.70 per share for the current financial year, with EPS estimates ranging from $3.62 to $3.75. For the next fiscal year, analysts anticipate that the company will post earnings of $3.79 per share, with EPS estimates ranging from $3.66 to $3.96. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. The firm had revenue of $297.23 million for the quarter, compared to analyst estimates of $301.52 million. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. During the same quarter in the prior year, the business earned $0.84 earnings per share.
PACW has been the topic of a number of research reports. BidaskClub upgraded shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 6th. TheStreet lowered shares of PacWest Bancorp from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. SunTrust Banks cut their price objective on shares of PacWest Bancorp to $48.00 and set a “hold” rating on the stock in a research note on Thursday, October 18th. ValuEngine lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. Finally, Stephens reiterated a “buy” rating and issued a $58.00 price objective on shares of PacWest Bancorp in a research note on Tuesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $54.89.
In other news, CEO Matthew P. Wagner purchased 20,925 shares of the company’s stock in a transaction that occurred on Monday, October 29th. The shares were bought at an average price of $39.01 per share, for a total transaction of $816,284.25. Following the completion of the transaction, the chief executive officer now owns 530,552 shares in the company, valued at $20,696,833.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Pieczynski purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 28th. The shares were purchased at an average price of $39.72 per share, for a total transaction of $397,200.00. Following the transaction, the insider now owns 47,497 shares of the company’s stock, valued at approximately $1,886,580.84. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 40,925 shares of company stock worth $1,625,784. 1.01% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc grew its position in shares of PacWest Bancorp by 0.3% in the third quarter. Vanguard Group Inc now owns 11,475,220 shares of the financial services provider’s stock valued at $546,794,000 after purchasing an additional 33,069 shares during the period. Federated Investors Inc. PA grew its position in shares of PacWest Bancorp by 5.8% in the third quarter. Federated Investors Inc. PA now owns 53,786 shares of the financial services provider’s stock valued at $2,563,000 after purchasing an additional 2,945 shares during the period. Marshall Wace LLP acquired a new stake in shares of PacWest Bancorp in the third quarter valued at about $749,000. Vanguard Group Inc. grew its position in shares of PacWest Bancorp by 0.3% in the third quarter. Vanguard Group Inc. now owns 11,475,220 shares of the financial services provider’s stock valued at $546,794,000 after purchasing an additional 33,069 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its position in shares of PacWest Bancorp by 25.8% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 146,400 shares of the financial services provider’s stock valued at $6,976,000 after purchasing an additional 30,000 shares during the period. Institutional investors own 88.60% of the company’s stock.
NASDAQ:PACW opened at $33.00 on Friday. The firm has a market capitalization of $4.02 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 0.89 and a beta of 1.42. PacWest Bancorp has a 1-year low of $32.92 and a 1-year high of $55.86. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41.
The company also recently declared a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Tuesday, November 20th were given a dividend of $0.60 per share. The ex-dividend date was Monday, November 19th. This represents a $2.40 annualized dividend and a yield of 7.27%. PacWest Bancorp’s dividend payout ratio is presently 82.19%.
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.
Further Reading: Net Asset Value (NAV)
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