PacWest Bancorp (NASDAQ:PACW) - Stock analysts at Wedbush upped their Q3 2017 earnings estimates for PacWest Bancorp in a report issued on Tuesday. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $0.75 for the quarter, up from their prior forecast of $0.73. Wedbush currently has a “Neutral” rating and a $49.00 target price on the stock. Wedbush also issued estimates for PacWest Bancorp’s Q4 2017 earnings at $0.76 EPS, FY2017 earnings at $2.93 EPS, Q1 2018 earnings at $0.79 EPS, Q2 2018 earnings at $0.82 EPS and FY2018 earnings at $3.30 EPS.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.06. The business had revenue of $277.76 million during the quarter, compared to analyst estimates of $272.57 million. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.76%. During the same period in the prior year, the firm posted $0.68 earnings per share. ILLEGAL ACTIVITY NOTICE: This report was first published by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this report on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark laws. The legal version of this report can be accessed at https://stocknewstimes.com/2017/07/20/wedbush-research-analysts-raise-earnings-estimates-for-pacwest-bancorp-nasdaqpacw.html.
A number of other analysts have also commented on the company. Stephens raised PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a research note on Monday, April 24th. Piper Jaffray Companies increased their price objective on PacWest Bancorp from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Tuesday, April 11th. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, March 23rd. FBR & Co reaffirmed an “outperform” rating and set a $55.00 price objective (down previously from $62.00) on shares of PacWest Bancorp in a research note on Monday, April 17th. Finally, Raymond James Financial, Inc. raised PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research note on Thursday, April 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $55.60.
PacWest Bancorp (PACW) opened at 49.15 on Wednesday. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 17.55 and a beta of 1.58. PacWest Bancorp has a 12 month low of $40.01 and a 12 month high of $57.53. The company has a 50 day moving average of $47.17 and a 200 day moving average of $51.36.
In other news, Director Craig A. Carlson sold 1,081 shares of the firm’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 transaction, the director now directly owns 6,273 shares in the company, valued at approximately $295,834.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.98% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PACW. CHURCHILL MANAGEMENT Corp purchased a new position in PacWest Bancorp during the first quarter worth approximately $19,338,000. First Interstate Bank increased its position in PacWest Bancorp by 10.4% in the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock worth $232,000 after buying an additional 410 shares during the period. Morgan Stanley increased its position in PacWest Bancorp by 51.3% in the first quarter. Morgan Stanley now owns 529,283 shares of the financial services provider’s stock worth $28,189,000 after buying an additional 179,423 shares during the period. AQR Capital Management LLC increased its position in PacWest Bancorp by 74.4% in the fourth quarter. AQR Capital Management LLC now owns 49,425 shares of the financial services provider’s stock worth $2,691,000 after buying an additional 21,082 shares during the period. Finally, Bronfman E.L. Rothschild L.P. increased its position in PacWest Bancorp by 35.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 8,019 shares of the financial services provider’s stock worth $427,000 after buying an additional 2,109 shares during the period. Institutional investors own 88.25% of the company’s stock.
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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