Wall Street brokerages forecast that PacWest Bancorp (NASDAQ:PACW) will announce $292.91 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for PacWest Bancorp’s earnings, with the highest sales estimate coming in at $302.00 million and the lowest estimate coming in at $289.40 million. PacWest Bancorp reported sales of $301.97 million during the same quarter last year, which would suggest a negative year over year growth rate of 3%. The business is scheduled to announce its next quarterly earnings results on Tuesday, July 16th.
On average, analysts expect that PacWest Bancorp will report full year sales of $1.18 billion for the current year, with estimates ranging from $1.17 billion to $1.22 billion. For the next year, analysts expect that the firm will post sales of $1.22 billion, with estimates ranging from $1.20 billion to $1.25 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $285.94 million for the quarter, compared to analyst estimates of $291.86 million. PacWest Bancorp had a return on equity of 9.58% and a net margin of 34.47%. During the same quarter last year, the company earned $0.93 EPS.
A number of equities research analysts have issued reports on the company. Raymond James set a $48.00 price target on PacWest Bancorp and gave the company a “buy” rating in a research report on Tuesday, February 26th. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. Wells Fargo & Co set a $38.00 price target on PacWest Bancorp and gave the company a “hold” rating in a research report on Wednesday, April 17th. BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Finally, Stephens reaffirmed a “buy” rating and issued a $43.00 price target on shares of PacWest Bancorp in a research report on Thursday, March 21st. Two analysts have rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $46.11.
Hedge funds and other institutional investors have recently modified their holdings of the company. First Hawaiian Bank raised its position in shares of PacWest Bancorp by 128.5% during the 1st quarter. First Hawaiian Bank now owns 786 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 442 shares in the last quarter. Enlightenment Research LLC acquired a new stake in shares of PacWest Bancorp during the 4th quarter worth about $27,000. Parallel Advisors LLC raised its position in shares of PacWest Bancorp by 57.0% during the 1st quarter. Parallel Advisors LLC now owns 879 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 319 shares in the last quarter. Avestar Capital LLC acquired a new stake in shares of PacWest Bancorp during the 1st quarter worth about $39,000. Finally, JOYN Advisors Inc. raised its position in shares of PacWest Bancorp by 439.6% during the 4th quarter. JOYN Advisors Inc. now owns 1,511 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 1,231 shares in the last quarter. 89.53% of the stock is currently owned by institutional investors and hedge funds.
PACW stock traded up $0.14 during mid-day trading on Wednesday, reaching $37.97. The company had a trading volume of 664,800 shares, compared to its average volume of 966,069. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $4.51 billion, a P/E ratio of 10.21, a price-to-earnings-growth ratio of 1.00 and a beta of 1.48. The company has a fifty day moving average of $38.13. PacWest Bancorp has a fifty-two week low of $31.16 and a fifty-two week high of $52.15.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, May 20th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 6.32%. The ex-dividend date of this dividend was Friday, May 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 64.52%.
PacWest Bancorp Company Profile
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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