PacWest Bancorp (NASDAQ:PACW) – Research analysts at SunTrust Banks lifted their Q1 2018 earnings estimates for PacWest Bancorp in a note issued to investors on Monday, Zacks Investment Research reports. SunTrust Banks analyst M. Young now expects that the financial services provider will post earnings per share of $0.80 for the quarter, up from their previous estimate of $0.69. SunTrust Banks has a “Hold” rating and a $54.00 price target on the stock. SunTrust Banks also issued estimates for PacWest Bancorp’s Q2 2018 earnings at $0.83 EPS, Q3 2018 earnings at $0.88 EPS, Q4 2018 earnings at $0.90 EPS, FY2018 earnings at $3.41 EPS and FY2019 earnings at $3.85 EPS.
A number of other research firms also recently issued reports on PACW. BMO Capital Markets reiterated a “hold” rating and set a $49.00 price target on shares of PacWest Bancorp in a research note on Wednesday, December 20th. FBR & Co downgraded PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price target for the company. in a research note on Wednesday, October 18th. BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. B. Riley reiterated a “hold” rating and set a $50.00 price target on shares of PacWest Bancorp in a research note on Monday, December 11th. Finally, Raymond James Financial downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price target for the company. in a research note on Wednesday, November 1st. Ten 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 company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $53.64.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The business had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same quarter in the previous year, the business earned $0.77 EPS.
PacWest Bancorp announced that its Board of Directors has initiated a share repurchase plan on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, CFO Patrick J. Rusnak purchased 2,000 shares of the stock in a transaction that occurred on Thursday, October 19th. The shares were bought at an average price of $46.92 per share, with a total value of $93,840.00. Following the acquisition, the chief financial officer now owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.98% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new stake in PacWest Bancorp during the 3rd quarter valued at $122,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in PacWest Bancorp by 12.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 468 shares during the period. Raymond James Trust N.A. bought a new stake in PacWest Bancorp during the 3rd quarter valued at $211,000. CIBC Asset Management Inc bought a new stake in PacWest Bancorp during the 3rd quarter valued at $213,000. Finally, 1st Global Advisors Inc. raised its holdings in PacWest Bancorp by 3.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 169 shares during the period. 82.38% of the stock is currently owned by institutional investors and hedge funds.
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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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