PacWest Bancorp (PACW) Forecasted to Post FY2018 Earnings of $3.49 Per Share

PacWest Bancorp (NASDAQ:PACW) – Equities researchers at FIG Partners raised their FY2018 earnings estimates for shares of PacWest Bancorp in a research report issued to clients and investors on Wednesday. FIG Partners analyst C. Marinac now anticipates that the financial services provider will earn $3.49 per share for the year, up from their previous forecast of $3.32.

A number of other equities analysts have also recently commented on PACW. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, December 22nd. BidaskClub raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. BMO Capital Markets reissued a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research report on Wednesday, December 20th. SunTrust Banks reissued a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 12th. Finally, Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Ten investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. PacWest Bancorp has a consensus rating of “Hold” and an average price target of $53.18.

Shares of PacWest Bancorp (NASDAQ:PACW) traded up $0.27 on Monday, reaching $50.40. 1,002,800 shares of the company were exchanged, compared to its average volume of 843,696. The firm has a market capitalization of $6,498.36, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 1.68 and a beta of 1.59. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93.

PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The firm had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. During the same period last year, the company posted $0.77 EPS.

Hedge funds have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. boosted its holdings in shares of PacWest Bancorp by 3.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 723,119 shares of the financial services provider’s stock worth $33,770,000 after buying an additional 23,114 shares in the last quarter. State of Wisconsin Investment Board boosted its holdings in shares of PacWest Bancorp by 1.2% during the 2nd quarter. State of Wisconsin Investment Board now owns 23,993 shares of the financial services provider’s stock worth $1,120,000 after buying an additional 290 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of PacWest Bancorp by 15.9% during the 2nd quarter. Legal & General Group Plc now owns 119,358 shares of the financial services provider’s stock worth $5,574,000 after buying an additional 16,356 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of PacWest Bancorp by 3.0% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 128,848 shares of the financial services provider’s stock worth $6,017,000 after buying an additional 3,788 shares in the last quarter. Finally, Prudential Financial Inc. boosted its holdings in shares of PacWest Bancorp by 233.1% during the 2nd quarter. Prudential Financial Inc. now owns 605,314 shares of the financial services provider’s stock worth $28,268,000 after buying an additional 423,590 shares in the last quarter. Institutional investors and hedge funds own 82.37% of the company’s stock.

In other news, CFO Patrick J. Rusnak acquired 2,000 shares of the stock in a transaction dated Thursday, October 19th. The stock was bought at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the purchase, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.98% of the stock is currently owned by insiders.

PacWest Bancorp declared that its Board of Directors has initiated a share repurchase program on Thursday, November 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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.

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

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