Zacks: Analysts Anticipate PacWest Bancorp (PACW) Will Announce Quarterly Sales of $280.85 Million
Analysts forecast that PacWest Bancorp (NASDAQ:PACW) will announce $280.85 million in sales for the current quarter, according to Zacks. Six analysts have provided estimates for PacWest Bancorp’s earnings, with the lowest sales estimate coming in at $277.50 million and the highest estimate coming in at $284.40 million. PacWest Bancorp reported sales of $261.56 million during the same quarter last year, which indicates a positive year over year growth rate of 7.4%. The firm is expected to report its next earnings results on Tuesday, October 17th.
On average, analysts expect that PacWest Bancorp will report full-year sales of $280.85 million for the current financial year, with estimates ranging from $1.13 billion to $1.14 billion. For the next financial year, analysts forecast that the business will report sales of $1.30 billion per share, with estimates ranging from $1.27 billion to $1.37 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. The business had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same quarter in the prior year, the firm posted $0.68 EPS.
PACW has been the subject of several recent research reports. Stephens raised PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. FBR & Co reissued an “outperform” rating and set a $55.00 price target (down previously from $62.00) on shares of PacWest Bancorp in a report on Monday, April 17th. BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Wedbush restated a “neutral” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, June 27th. Finally, BMO Capital Markets restated a “hold” rating and issued a $55.00 price objective on shares of PacWest Bancorp in a research report on Friday, May 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. PacWest Bancorp currently has an average rating of “Buy” and an average price target of $55.60.
In related news, Director Craig A. Carlson sold 1,081 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $47.16, for a total value of $50,979.96. Following the sale, the director now directly owns 6,273 shares in the company, valued at $295,834.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.98% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Ffcm LLC increased its stake in PacWest Bancorp by 172.7% in the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,516 shares in the last quarter. Creative Planning increased its stake in 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. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 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 worth $193,000 after buying an additional 468 shares in the last quarter. Charter Trust Co. increased its stake in PacWest Bancorp by 0.8% in the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock worth $222,000 after buying an additional 38 shares in the last quarter. Finally, Investment Counselors of Maryland LLC increased its stake in PacWest Bancorp by 4.1% in the second quarter. Investment Counselors of Maryland LLC now owns 4,806 shares of the financial services provider’s stock worth $224,000 after buying an additional 190 shares in the last quarter. Institutional investors own 86.46% of the company’s stock.
Shares of PacWest Bancorp (PACW) opened at 45.29 on Friday. The company’s 50-day moving average price is $47.34 and its 200-day moving average price is $50.62. PacWest Bancorp has a one year low of $41.10 and a one year high of $57.53. The stock has a market cap of $5.43 billion, a PE ratio of 15.64 and a beta of 1.58.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, August 21st will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.42%. PacWest Bancorp’s payout ratio is 68.97%.
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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