PacWest Bancorp (NASDAQ:PACW) Issues Quarterly Earnings Results, Beats Estimates By $0.36 EPS

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PacWest Bancorp (NASDAQ:PACW) announced its earnings results on Monday. The financial services provider reported $1.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.36, MarketWatch Earnings reports. PacWest Bancorp had a negative net margin of 98.27% and a positive return on equity of 6.14%.

Shares of PACW traded up $2.32 during mid-day trading on Wednesday, hitting $39.79. 1,492,253 shares of the company’s stock were exchanged, compared to its average volume of 1,140,004. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 52 week low of $14.52 and a 52 week high of $42.59. The stock’s 50-day simple moving average is $39.45 and its 200-day simple moving average is $29.78. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of -3.76 and a beta of 1.67.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 10th. Shareholders of record on Monday, March 1st were given a dividend of $0.25 per share. The ex-dividend date was Friday, February 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.51%. PacWest Bancorp’s payout ratio is presently 25.64%.

PACW has been the topic of several recent research reports. Zacks Investment Research cut PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, March 30th. Wells Fargo & Company raised shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $20.00 to $29.00 in a report on Monday, January 4th. Keefe, Bruyette & Woods upgraded PacWest Bancorp from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $30.00 to $40.00 in a report on Friday, January 22nd. Stephens upgraded PacWest Bancorp from an “equal weight” rating to an “overweight” rating and set a $41.00 price target for the company in a report on Monday, February 8th. Finally, Truist increased their price objective on shares of PacWest Bancorp from $27.00 to $34.00 in a research report on Wednesday, January 27th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $30.11.

PacWest Bancorp Company Profile

PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various 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, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.

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Earnings History for PacWest Bancorp (NASDAQ:PACW)

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