PacWest Bancorp (NASDAQ:PACW) – Equities researchers at DA Davidson cut their FY2019 earnings estimates for shares of PacWest Bancorp in a research note issued to investors on Wednesday, October 17th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $3.75 for the year, down from their prior estimate of $3.77.
PACW has been the subject of several other reports. ValuEngine raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 3rd. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Wednesday, August 1st. SunTrust Banks lowered their price target on shares of PacWest Bancorp to $48.00 and set a “hold” rating for the company in a research note on Thursday. Wells Fargo & Co set a $51.00 price target on shares of PacWest Bancorp and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Finally, Stephens reissued a “buy” rating and issued a $58.00 price target on shares of PacWest Bancorp in a research note on Friday, July 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $54.90.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.02. The business had revenue of $297.23 million during the quarter, compared to the consensus estimate of $301.52 million. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. During the same period in the previous year, the firm posted $0.84 earnings per share.
Hedge funds have recently added to or reduced their stakes in the business. Qube Research & Technologies Ltd purchased a new position in shares of PacWest Bancorp in the second quarter valued at about $158,000. ARP Americas LP purchased a new position in shares of PacWest Bancorp in the second quarter valued at about $217,000. NumerixS Investment Technologies Inc purchased a new position in shares of PacWest Bancorp in the second quarter valued at about $235,000. Summit X LLC purchased a new position in shares of PacWest Bancorp in the second quarter valued at about $238,000. Finally, Raymond James Trust N.A. purchased a new position in shares of PacWest Bancorp in the second quarter valued at about $267,000. Hedge funds and other institutional investors own 87.35% of the company’s stock.
In other news, Director Tanya M. Acker acquired 1,000 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were purchased at an average price of $50.26 per share, for a total transaction of $50,260.00. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at $196,014. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.01% of the stock is currently owned by insiders.
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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