PacWest Bancorp (NASDAQ:PACW) – Research analysts at DA Davidson decreased their FY2018 earnings per share (EPS) estimates for PacWest Bancorp in a note issued to investors on Tuesday. DA Davidson analyst G. Tenner now expects that the financial services provider will earn $3.17 per share for the year, down from their prior estimate of $3.30. DA Davidson currently has a “Buy” rating and a $53.00 price target on the stock.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. The firm had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same period in the prior year, the business posted $0.77 EPS.
Shares of PacWest Bancorp (NASDAQ PACW) traded up $1.27 during trading on Thursday, reaching $48.27. 1,934,720 shares of the company traded hands, compared to its average volume of 1,020,553. The company has a market cap of $6,059.98, a P/E ratio of 15.82, a P/E/G ratio of 1.57 and a beta of 1.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.53.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Monday, November 20th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Friday, November 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 67.34%.
PacWest Bancorp declared that its Board of Directors has initiated a stock buyback plan on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of PacWest Bancorp stock in a transaction dated Thursday, October 19th. The shares were acquired at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of the transaction, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.98% of the company’s stock.
Large investors have recently modified their holdings of the company. Ffcm LLC increased its holdings in PacWest Bancorp by 172.7% during the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,516 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in PacWest Bancorp during the third quarter valued at approximately $122,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PacWest Bancorp by 12.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after buying an additional 468 shares during the period. Raymond James Trust N.A. purchased a new position in PacWest Bancorp during the third quarter valued at approximately $211,000. Finally, CIBC Asset Management Inc purchased a new position in PacWest Bancorp during the third quarter valued at approximately $213,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.
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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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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