PacWest Bancorp (NASDAQ:PACW) – Equities research analysts at FIG Partners boosted their Q3 2017 earnings estimates for PacWest Bancorp in a research report issued on Wednesday. FIG Partners analyst C. Marinac now anticipates that the financial services provider will post earnings per share of $0.75 for the quarter, up from their previous estimate of $0.73. FIG Partners also issued estimates for PacWest Bancorp’s Q4 2017 earnings at $0.77 EPS, Q1 2018 earnings at $0.82 EPS and Q2 2018 earnings at $0.86 EPS.
A number of other research analysts have also recently weighed in on PACW. UBS AG upgraded shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a report on Thursday, April 6th. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the company a “buy” rating in a report on Wednesday. Stephens restated a “buy” rating and issued a $56.00 price objective on shares of PacWest Bancorp in a report on Friday, July 14th. Finally, ValuEngine upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and three have assigned a strong buy rating to the stock. PacWest Bancorp presently has an average rating of “Buy” and an average target price of $55.60.
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Shares of PacWest Bancorp (NASDAQ:PACW) opened at 48.36 on Friday. The stock has a 50 day moving average of $47.23 and a 200 day moving average of $51.34. The stock has a market cap of $5.72 billion, a PE ratio of 17.27 and a beta of 1.58. PacWest Bancorp has a 12 month low of $40.01 and a 12 month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. The company had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. During the same period in the previous year, the company earned $0.68 EPS.
Hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning increased its position in shares of PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock worth $189,000 after buying an additional 1,719 shares in the last quarter. Oakbrook Investments LLC purchased a new position in shares of PacWest Bancorp during the first quarter worth about $229,000. Koch Industries Inc. purchased a new position in shares of PacWest Bancorp during the first quarter worth about $231,000. First Interstate Bank increased its position in shares of PacWest Bancorp by 10.4% in the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock worth $232,000 after buying an additional 410 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new position in shares of PacWest Bancorp during the first quarter worth about $237,000. Institutional investors own 88.25% of the company’s stock.
In related news, Director Craig A. Carlson sold 1,081 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $47.16, for a total value of $50,979.96. Following the completion of the transaction, the director now owns 6,273 shares in the company, valued at $295,834.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is owned by insiders.
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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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