$298.12 Million in Sales Expected for PacWest Bancorp (PACW) This Quarter
Equities research analysts forecast that PacWest Bancorp (NASDAQ:PACW) will announce sales of $298.12 million for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for PacWest Bancorp’s earnings. The lowest sales estimate is $291.39 million and the highest is $305.30 million. PacWest Bancorp posted sales of $277.20 million during the same quarter last year, which suggests a positive year over year growth rate of 7.5%. The firm is expected to announce its next quarterly earnings results on Thursday, January 18th.
On average, analysts expect that PacWest Bancorp will report full-year sales of $298.12 million for the current financial year, with estimates ranging from $1.10 billion to $1.14 billion. For the next financial year, analysts expect that the business will post sales of $1.25 billion per share, with estimates ranging from $1.23 billion to $1.28 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The business had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. During the same quarter in the previous year, the business earned $0.77 EPS.
A number of equities analysts have weighed in on PACW shares. Raymond James Financial, Inc. cut PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, October 17th. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. FBR & Co set a $55.00 price target on PacWest Bancorp and gave the stock a “buy” rating in a report on Wednesday, July 19th. DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Thursday, September 7th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $54.00 price target on shares of PacWest Bancorp in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.00.
Shares of PacWest Bancorp (PACW) opened at $44.94 on Wednesday. The stock has a market capitalization of $5,790.00, a PE ratio of 15.05, a PEG ratio of 1.51 and a beta of 1.60. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date is Friday, November 17th. PacWest Bancorp’s payout ratio is 67.57%.
In other PacWest Bancorp news, CFO Patrick J. Rusnak bought 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were bought at an average cost of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now directly owns 77,852 shares in the company, valued at approximately $3,652,815.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.98% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in PACW. Janus Henderson Group PLC acquired a new position in shares of PacWest Bancorp in the 2nd quarter valued at approximately $108,636,000. Principal Financial Group Inc. raised its position in shares of PacWest Bancorp by 112.6% in the 2nd quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after purchasing an additional 1,789,571 shares in the last quarter. Koch Industries Inc. raised its position in shares of PacWest Bancorp by 30,853.3% in the 2nd quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock valued at $1,313,000 after purchasing an additional 1,337,180 shares in the last quarter. State Street Corp raised its position in shares of PacWest Bancorp by 15.0% in the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after purchasing an additional 771,015 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in shares of PacWest Bancorp by 86.1% in the 3rd quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock valued at $56,907,000 after purchasing an additional 521,327 shares in the last quarter. 82.93% of the stock is currently owned by institutional investors.
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 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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