Zacks: Analysts Anticipate PacWest Bancorp (NASDAQ:PACW) to Announce $0.63 EPS

Equities research analysts expect that PacWest Bancorp (NASDAQ:PACW) will report $0.63 earnings per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for PacWest Bancorp’s earnings, with the highest EPS estimate coming in at $0.71 and the lowest estimate coming in at $0.50. PacWest Bancorp reported earnings of $0.92 per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 31.5%. The firm is expected to announce its next earnings report on Wednesday, October 21st.

On average, analysts expect that PacWest Bancorp will report full year earnings of $1.94 per share for the current fiscal year, with EPS estimates ranging from $1.73 to $2.12. For the next year, analysts anticipate that the firm will post earnings of $2.92 per share, with EPS estimates ranging from $2.02 to $3.51. Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that that provide coverage for PacWest Bancorp.

PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Thursday, July 16th. The financial services provider reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.10). PacWest Bancorp had a negative net margin of 90.52% and a positive return on equity of 7.15%. The company had revenue of $295.15 million during the quarter, compared to the consensus estimate of $277.27 million. During the same quarter in the prior year, the business earned $0.92 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year.

Several analysts have recently commented on PACW shares. BidaskClub downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 16th. ValuEngine cut shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, August 3rd. Finally, Raymond James raised PacWest Bancorp from a “market perform” rating to a “strong-buy” rating and set a $26.00 price target for the company in a research report on Wednesday, June 17th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. PacWest Bancorp presently has an average rating of “Hold” and a consensus price target of $27.50.

NASDAQ:PACW traded down $0.61 during trading hours on Tuesday, hitting $16.26. 927,034 shares of the company traded hands, compared to its average volume of 1,348,881. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.90 billion, a PE ratio of -1.62 and a beta of 1.60. The firm’s 50-day simple moving average is $19.09 and its 200-day simple moving average is $19.12. PacWest Bancorp has a one year low of $13.84 and a one year high of $40.14.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 31st were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.15%. The ex-dividend date of this dividend was Friday, August 28th. PacWest Bancorp’s dividend payout ratio is currently 25.64%.

Several hedge funds and other institutional investors have recently modified their holdings of PACW. Dupont Capital Management Corp grew its stake in shares of PacWest Bancorp by 263.0% during the 2nd quarter. Dupont Capital Management Corp now owns 33,750 shares of the financial services provider’s stock worth $665,000 after acquiring an additional 24,452 shares during the period. The Manufacturers Life Insurance Company boosted its position in PacWest Bancorp by 49.2% during the first quarter. The Manufacturers Life Insurance Company now owns 1,721,300 shares of the financial services provider’s stock worth $30,845,000 after purchasing an additional 567,849 shares during the period. New Mexico Educational Retirement Board boosted its position in PacWest Bancorp by 36.4% during the first quarter. New Mexico Educational Retirement Board now owns 28,500 shares of the financial services provider’s stock worth $511,000 after purchasing an additional 7,600 shares during the period. AXA increased its stake in shares of PacWest Bancorp by 140.9% in the first quarter. AXA now owns 162,400 shares of the financial services provider’s stock worth $2,911,000 after purchasing an additional 95,000 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its position in shares of PacWest Bancorp by 43.3% in the second quarter. State of Tennessee Treasury Department now owns 103,963 shares of the financial services provider’s stock valued at $2,049,000 after purchasing an additional 31,395 shares during the period. 79.90% of the stock is currently owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for PacWest Bancorp (NASDAQ:PACW)

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