Zacks: Brokerages Anticipate PacWest Bancorp (PACW) Will Post Earnings of $0.74 Per Share
Analysts expect PacWest Bancorp (NASDAQ:PACW) to report earnings per share (EPS) of $0.74 for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for PacWest Bancorp’s earnings, with the lowest EPS estimate coming in at $0.70 and the highest estimate coming in at $0.78. PacWest Bancorp posted earnings of $0.68 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 8.8%. The company is expected to issue its next quarterly earnings results on Friday, July 21st.
According to Zacks, analysts expect that PacWest Bancorp will report full year earnings of $2.98 per share for the current year, with EPS estimates ranging from $2.87 to $3.26. For the next fiscal year, analysts anticipate that the company will report earnings of $3.45 per share, with EPS estimates ranging from $3.33 to $3.55. Zacks’ earnings per share averages are a mean average based on a survey of analysts that that provide coverage for PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Monday, April 17th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by $0.07. The firm earned $267.57 million during the quarter, compared to analyst estimates of $272.30 million. PacWest Bancorp had a return on equity of 7.81% and a net margin of 31.11%. During the same quarter last year, the company earned $0.74 earnings per share.
PACW has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Wednesday, December 21st. FIG Partners upped their price target on shares of PacWest Bancorp from $56.00 to $60.50 and gave the stock an “outperform” rating in a report on Friday, January 20th. FBR & Co reaffirmed a “buy” rating and set a $62.00 price target on shares of PacWest Bancorp in a report on Friday, January 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $56.00 price target on shares of PacWest Bancorp in a report on Monday, April 3rd. Finally, Raymond James Financial, Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 price target for the company in a report on Thursday, April 6th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. PacWest Bancorp currently has a consensus rating of “Buy” and an average price target of $55.22.
PacWest Bancorp (NASDAQ:PACW) traded up 1.65% during midday trading on Monday, reaching $48.56. The company’s stock had a trading volume of 1,705,146 shares. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 16.77 and a beta of 1.51. PacWest Bancorp has a 52-week low of $35.56 and a 52-week high of $57.53. The firm has a 50-day moving average price of $52.87 and a 200 day moving average price of $51.49.
In related news, CEO Matthew P. Wagner acquired 2,072 shares of the stock in a transaction that occurred on Wednesday, April 19th. The stock was acquired at an average cost of $47.75 per share, for a total transaction of $98,938.00. Following the transaction, the chief executive officer now directly owns 528,934 shares in the company, valued at $25,256,598.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig A. Carlson sold 1,124 shares of the company’s stock in a transaction that occurred on Tuesday, January 24th. The stock was sold at an average price of $54.54, for a total transaction of $61,302.96. Following the transaction, the director now owns 6,207 shares of the company’s stock, valued at $338,529.78. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 4,572 shares of company stock valued at $218,398. 1.43% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in PACW. State of Alaska Department of Revenue boosted its position in PacWest Bancorp by 7.0% in the first quarter. State of Alaska Department of Revenue now owns 10,310 shares of the financial services provider’s stock worth $549,000 after buying an additional 670 shares in the last quarter. Oakbrook Investments LLC bought a new position in PacWest Bancorp during the first quarter worth about $229,000. Nisa Investment Advisors LLC boosted its position in PacWest Bancorp by 0.7% in the first quarter. Nisa Investment Advisors LLC now owns 81,090 shares of the financial services provider’s stock worth $4,319,000 after buying an additional 590 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in PacWest Bancorp by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 30,300 shares of the financial services provider’s stock worth $1,614,000 after buying an additional 600 shares in the last quarter. Finally, Parametrica Management Ltd bought a new position in PacWest Bancorp during the first quarter worth about $355,000. Institutional investors and hedge funds own 88.33% of the company’s stock.
PacWest Bancorp Company Profile
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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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