DA Davidson Comments on PacWest Bancorp’s FY2020 Earnings (NASDAQ:PACW)

PacWest Bancorp (NASDAQ:PACW) – Equities research analysts at DA Davidson lowered their FY2020 earnings per share (EPS) estimates for shares of PacWest Bancorp in a research note issued to investors on Friday, June 26th. DA Davidson analyst G. Tenner now expects that the financial services provider will earn $1.73 per share for the year, down from their previous forecast of $1.95. DA Davidson also issued estimates for PacWest Bancorp’s FY2021 earnings at $2.56 EPS.

A number of other research analysts also recently issued reports on PACW. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, April 23rd. TheStreet lowered shares of PacWest Bancorp from a “c” rating to a “d” rating in a research note on Tuesday, April 21st. Raymond James upgraded shares of PacWest Bancorp from a “market perform” rating to a “strong-buy” rating and set a $26.00 price target for the company in a research note on Wednesday, June 17th. Royal Bank of Canada decreased their price target on shares of PacWest Bancorp from $23.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. Finally, ValuEngine upgraded shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, May 1st. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $29.71.

PacWest Bancorp stock opened at $19.71 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. PacWest Bancorp has a 12-month low of $13.84 and a 12-month high of $40.14. The firm’s fifty day moving average is $18.67 and its 200 day moving average is $26.59. The company has a market capitalization of $2.04 billion, a PE ratio of -2.13 and a beta of 1.62.

PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.39). PacWest Bancorp had a negative net margin of 79.95% and a positive return on equity of 8.70%. The company had revenue of $278.85 million for the quarter, compared to analyst estimates of $268.27 million.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN grew its stake in shares of PacWest Bancorp by 2.0% during the 1st quarter. Wells Fargo & Company MN now owns 5,033,548 shares of the financial services provider’s stock valued at $90,201,000 after acquiring an additional 96,896 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of PacWest Bancorp by 0.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,528,983 shares of the financial services provider’s stock valued at $96,784,000 after buying an additional 11,722 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of PacWest Bancorp by 16.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,164,920 shares of the financial services provider’s stock valued at $82,851,000 after buying an additional 312,592 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of PacWest Bancorp by 49.2% in the first quarter. The Manufacturers Life Insurance Company now owns 1,721,300 shares of the financial services provider’s stock valued at $30,845,000 after buying an additional 567,849 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of PacWest Bancorp by 8.8% in the first quarter. Geode Capital Management LLC now owns 1,620,770 shares of the financial services provider’s stock valued at $29,377,000 after buying an additional 130,412 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.

PacWest Bancorp Company Profile

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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Earnings History and Estimates for PacWest Bancorp (NASDAQ:PACW)

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