PacWest Bancorp (NASDAQ:PACW) – Equities research analysts at Piper Jaffray Companies lowered their Q1 2019 earnings per share (EPS) estimates for shares of PacWest Bancorp in a report released on Wednesday, October 17th. Piper Jaffray Companies analyst B. Rabatin now expects that the financial services provider will post earnings of $0.92 per share for the quarter, down from their prior forecast of $0.93. Piper Jaffray Companies also issued estimates for PacWest Bancorp’s Q2 2019 earnings at $0.98 EPS, Q4 2019 earnings at $1.04 EPS, FY2019 earnings at $3.96 EPS, Q1 2020 earnings at $1.01 EPS, Q2 2020 earnings at $1.05 EPS, Q3 2020 earnings at $1.11 EPS and FY2020 earnings at $4.30 EPS.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data 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 firm had revenue of $297.23 million for the quarter, compared to analyst estimates of $301.52 million. PacWest Bancorp had a net margin of 33.41% and a return on equity of 8.70%. During the same quarter in the prior year, the business earned $0.84 earnings per share.
Several other research firms have also weighed in on PACW. Wedbush reiterated a “neutral” rating on shares of PacWest Bancorp in a research note on Monday, July 16th. Stephens reiterated a “buy” rating and set a $58.00 price objective on shares of PacWest Bancorp in a research note on Tuesday. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 3rd. Finally, BMO Capital Markets dropped their price objective on shares of PacWest Bancorp from $52.00 to $50.00 and set a “market perform” rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $54.82.
PACW opened at $43.71 on Thursday. The stock has a market cap of $5.83 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 1.28 and a beta of 1.41. PacWest Bancorp has a fifty-two week low of $43.28 and a fifty-two week high of $55.86. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.34.
In other news, Director Tanya M. Acker purchased 1,000 shares of the company’s stock in a transaction on Friday, September 14th. The shares were bought at an average price of $50.26 per share, for a total transaction of $50,260.00. Following the completion of the purchase, the director now owns 3,900 shares of the company’s stock, valued at $196,014. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.01% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the business. Verition Fund Management LLC boosted its holdings in shares of PacWest Bancorp by 43.4% in the second quarter. Verition Fund Management LLC now owns 20,278 shares of the financial services provider’s stock valued at $1,002,000 after acquiring an additional 6,133 shares in the last quarter. Systematic Financial Management LP bought a new position in shares of PacWest Bancorp in the second quarter valued at approximately $4,880,000. Vident Investment Advisory LLC boosted its holdings in shares of PacWest Bancorp by 84.9% in the second quarter. Vident Investment Advisory LLC now owns 13,437 shares of the financial services provider’s stock valued at $664,000 after acquiring an additional 6,169 shares in the last quarter. Voya Investment Management LLC boosted its holdings in shares of PacWest Bancorp by 19.7% in the second quarter. Voya Investment Management LLC now owns 54,743 shares of the financial services provider’s stock valued at $2,705,000 after acquiring an additional 9,017 shares in the last quarter. Finally, Paloma Partners Management Co boosted its holdings in shares of PacWest Bancorp by 10.3% in the second quarter. Paloma Partners Management Co now owns 19,023 shares of the financial services provider’s stock valued at $941,000 after acquiring an additional 1,774 shares in the last quarter. Institutional investors own 87.42% of the company’s stock.
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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