PacWest Bancorp (NASDAQ:PACW) – Investment analysts at B. Riley raised their FY2017 earnings estimates for PacWest Bancorp in a research report issued to clients and investors on Thursday. B. Riley analyst S. Moss now expects that the financial services provider will earn $2.95 per share for the year, up from their prior estimate of $2.94. B. Riley currently has a “Hold” rating and a $50.00 price objective on the stock. B. Riley also issued estimates for PacWest Bancorp’s Q4 2017 earnings at $0.72 EPS, Q1 2018 earnings at $0.82 EPS, Q2 2018 earnings at $0.84 EPS, Q3 2018 earnings at $0.89 EPS, Q4 2018 earnings at $0.90 EPS, FY2018 earnings at $3.45 EPS, Q1 2019 earnings at $0.90 EPS, Q2 2019 earnings at $0.92 EPS, Q3 2019 earnings at $0.95 EPS, Q4 2019 earnings at $0.98 EPS and FY2019 earnings at $3.75 EPS.
PACW has been the topic of several other reports. Raymond James Financial downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 13th. SunTrust Banks restated a “hold” rating and set a $54.00 target price on shares of PacWest Bancorp in a report on Tuesday, January 9th. UBS Group downgraded shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Finally, Piper Jaffray Companies restated a “buy” rating and set a $54.00 target price on shares of PacWest Bancorp in a report on Thursday, October 19th. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $53.64.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share 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 business had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. During the same quarter last year, the firm earned $0.77 EPS.
PacWest Bancorp announced that its board has initiated a share buyback plan on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other PacWest Bancorp news, CFO Patrick J. Rusnak acquired 2,000 shares of the stock in a transaction dated Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the acquisition, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.98% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC acquired a new stake in shares of PacWest Bancorp in the third quarter valued at approximately $122,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PacWest Bancorp by 12.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 468 shares during the last quarter. Raymond James Trust N.A. acquired a new stake in shares of PacWest Bancorp in the third quarter valued at approximately $211,000. CIBC Asset Management Inc acquired a new stake in shares of PacWest Bancorp in the third quarter valued at approximately $213,000. Finally, 1st Global Advisors Inc. raised its holdings in shares of PacWest Bancorp by 3.4% in the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 169 shares during the last quarter. Institutional investors own 82.37% of the company’s stock.
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About PacWest Bancorp
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.
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