Wall Street brokerages expect PacWest Bancorp (NASDAQ:PACW) to post earnings per share (EPS) of $0.93 for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for PacWest Bancorp’s earnings. The lowest EPS estimate is $0.88 and the highest is $0.96. PacWest Bancorp posted earnings per share of $0.84 in the same quarter last year, which indicates a positive year over year growth rate of 10.7%. The business is expected to report its next earnings results on Tuesday, October 16th.
According to Zacks, analysts expect that PacWest Bancorp will report full-year earnings of $3.73 per share for the current year, with EPS estimates ranging from $3.62 to $3.79. For the next financial year, analysts expect that the company will report earnings of $3.96 per share, with EPS estimates ranging from $3.77 to $4.12. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research analysts that cover PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.05. PacWest Bancorp had a net margin of 33.41% and a return on equity of 8.70%. The firm had revenue of $301.97 million during the quarter, compared to analysts’ expectations of $293.62 million. During the same quarter in the previous year, the company posted $0.77 EPS.
Several research analysts recently weighed in on the stock. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th. BidaskClub cut shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 3rd. Sandler O’Neill restated a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Monday, June 25th. ValuEngine upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. Finally, Wedbush restated a “neutral” rating on shares of PacWest Bancorp in a research report on Monday, July 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and two have given a strong buy rating to the company. PacWest Bancorp currently has a consensus rating of “Buy” and a consensus target price of $55.42.
In other PacWest Bancorp news, Director Tanya M. Acker bought 1,000 shares of the company’s stock in a transaction on Friday, September 14th. The stock was bought at an average price of $50.26 per share, for a total transaction of $50,260.00. Following the transaction, the director now owns 3,900 shares of the company’s stock, valued at approximately $196,014. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.01% of the company’s stock.
Several institutional investors have recently modified their holdings of PACW. New York State Common Retirement Fund raised its position in shares of PacWest Bancorp by 3.5% during the 1st quarter. New York State Common Retirement Fund now owns 373,258 shares of the financial services provider’s stock valued at $18,487,000 after acquiring an additional 12,555 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of PacWest Bancorp by 20.1% in the 1st quarter. California Public Employees Retirement System now owns 346,099 shares of the financial services provider’s stock valued at $17,142,000 after buying an additional 58,000 shares during the period. Citigroup Inc. grew its holdings in shares of PacWest Bancorp by 9.4% in the 1st quarter. Citigroup Inc. now owns 17,389 shares of the financial services provider’s stock valued at $861,000 after buying an additional 1,489 shares during the period. Clinton Group Inc. acquired a new position in shares of PacWest Bancorp in the 1st quarter valued at $1,971,000. Finally, Northwestern Mutual Investment Management Company LLC grew its holdings in shares of PacWest Bancorp by 52.4% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 25,737 shares of the financial services provider’s stock valued at $1,275,000 after buying an additional 8,851 shares during the period. Institutional investors own 87.42% of the company’s stock.
PACW stock opened at $48.76 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.95 and a quick ratio of 0.95. PacWest Bancorp has a fifty-two week low of $43.61 and a fifty-two week high of $55.86. The company has a market capitalization of $5.83 billion, a P/E ratio of 16.70, a P/E/G ratio of 1.28 and a beta of 1.41.
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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