PacWest Bancorp (NASDAQ:PACW) Forecasted to Earn Q2 2023 Earnings of $0.33 Per Share

PacWest Bancorp (NASDAQ:PACW – Get Rating) – Stock analysts at DA Davidson decreased their Q2 2023 earnings per share estimates for shares of PacWest Bancorp in a research note issued on Tuesday, May 23rd. DA Davidson analyst G. Tenner now forecasts that the financial services provider will earn $0.33 per share for the quarter, down from their prior estimate of $0.41. The consensus estimate for PacWest Bancorp’s current full-year earnings is $1.51 per share.

Other research analysts have also recently issued research reports about the company. Wedbush reiterated a “neutral” rating and set a $27.00 price objective on shares of PacWest Bancorp in a research report on Monday, March 13th. Wells Fargo & Company reduced their target price on PacWest Bancorp from $30.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. Truist Financial reduced their target price on PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating on the stock in a report on Thursday, March 23rd. StockNews.com started coverage on PacWest Bancorp in a report on Thursday, March 16th. They set a “sell” rating on the stock. Finally, Stephens reissued an “overweight” rating and set a $32.00 target price on shares of PacWest Bancorp in a report on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.88.

PacWest Bancorp Stock Down 5.4 %

PACW stock opened at $6.81 on Wednesday. The company has a debt-to-equity ratio of 5.61, a current ratio of 1.21 and a quick ratio of 1.12. The stock has a market capitalization of $803.85 million, a price-to-earnings ratio of -0.87 and a beta of 1.36. The business’s fifty day moving average price is $8.69 and its two-hundred day moving average price is $19.24. PacWest Bancorp has a fifty-two week low of $2.48 and a fifty-two week high of $32.68.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.01. The firm had revenue of $315.69 million for the quarter, compared to analysts’ expectations of $311.72 million. PacWest Bancorp had a positive return on equity of 14.46% and a negative net margin of 48.43%. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.01 EPS.

Hedge Funds Weigh In On PacWest Bancorp

A number of hedge funds have recently made changes to their positions in PACW. JPMorgan Chase & Co. increased its position in PacWest Bancorp by 46.6% during the 1st quarter. JPMorgan Chase & Co. now owns 519,369 shares of the financial services provider’s stock valued at $5,055,000 after purchasing an additional 165,035 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of PacWest Bancorp by 29.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 107,547 shares of the financial services provider’s stock worth $1,046,000 after buying an additional 24,528 shares during the period. BHZ Capital Management LP grew its position in shares of PacWest Bancorp by 81.4% during the 1st quarter. BHZ Capital Management LP now owns 729,476 shares of the financial services provider’s stock worth $7,098,000 after buying an additional 327,284 shares during the period. Milestone Investment Advisors LLC acquired a new stake in shares of PacWest Bancorp during the 1st quarter worth approximately $141,000. Finally, Hollencrest Capital Management grew its position in shares of PacWest Bancorp by 12.1% during the 1st quarter. Hollencrest Capital Management now owns 72,674 shares of the financial services provider’s stock worth $707,000 after buying an additional 7,868 shares during the period. 91.97% of the stock is currently owned by institutional investors.

Insider Activity at PacWest Bancorp

In other news, CEO Paul W. Taylor purchased 19,800 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were purchased at an average cost of $22.21 per share, with a total value of $439,758.00. Following the completion of the purchase, the chief executive officer now owns 116,041 shares of the company’s stock, valued at approximately $2,577,270.61. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Chairman Matthew P. Wagner purchased 13,885 shares of the business’s stock in a transaction dated Friday, March 10th. The shares were purchased at an average cost of $21.12 per share, with a total value of $293,251.20. Following the completion of the purchase, the chairman now owns 33,885 shares of the company’s stock, valued at approximately $715,651.20. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Paul W. Taylor purchased 19,800 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were purchased at an average cost of $22.21 per share, for a total transaction of $439,758.00. Following the completion of the purchase, the chief executive officer now directly owns 116,041 shares of the company’s stock, valued at approximately $2,577,270.61. The disclosure for this purchase can be found here. Insiders have acquired 51,833 shares of company stock valued at $1,089,746 over the last ninety days. 1.25% of the stock is owned by corporate insiders.

PacWest Bancorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Monday, May 15th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.59%. The ex-dividend date is Friday, May 12th. PacWest Bancorp’s dividend payout ratio (DPR) is presently -0.51%.

About PacWest Bancorp

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PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. It offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses through the Pacific Western Bank.