Wall Street brokerages expect PacWest Bancorp (NASDAQ:PACW) to post earnings of $0.88 per share for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have made estimates for PacWest Bancorp’s earnings, with the lowest EPS estimate coming in at $0.86 and the highest estimate coming in at $0.92. PacWest Bancorp reported earnings of $0.77 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 14.3%. The firm is scheduled to report its next earnings results on Tuesday, July 17th.
According to Zacks, analysts expect that PacWest Bancorp will report full year earnings of $3.69 per share for the current year, with EPS estimates ranging from $3.60 to $3.75. For the next financial year, analysts anticipate that the business will report earnings of $3.97 per share, with EPS estimates ranging from $3.85 to $4.22. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover PacWest Bancorp.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, April 17th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. PacWest Bancorp had a net margin of 32.53% and a return on equity of 8.34%. The business had revenue of $295.06 million during the quarter, compared to the consensus estimate of $288.49 million. During the same quarter in the previous year, the firm posted $0.65 EPS.
NASDAQ:PACW opened at $53.97 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. PacWest Bancorp has a 12 month low of $43.08 and a 12 month high of $55.12. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 1.47 and a beta of 1.46.
PacWest Bancorp declared that its board has authorized a share repurchase plan on Friday, February 16th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 31st. Investors of record on Monday, May 21st will be paid a dividend of $0.60 per share. This is a boost from PacWest Bancorp’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, May 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.45%. PacWest Bancorp’s payout ratio is 82.19%.
In related news, insider James Pieczynski sold 60,000 shares of PacWest Bancorp stock in a transaction on Thursday, May 3rd. The shares were sold at an average price of $51.14, for a total transaction of $3,068,400.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Christopher D. Blake sold 10,000 shares of PacWest Bancorp stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $53.97, for a total transaction of $539,700.00. Following the transaction, the executive vice president now owns 20,664 shares in the company, valued at approximately $1,115,236.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,900 shares of company stock worth $3,810,822. 1.01% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV purchased a new position in shares of PacWest Bancorp during the 1st quarter valued at $437,000. Xact Kapitalforvaltning AB lifted its stake in PacWest Bancorp by 42.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 16,411 shares of the financial services provider’s stock worth $813,000 after purchasing an additional 4,900 shares in the last quarter. Royal Bank of Canada lifted its stake in PacWest Bancorp by 17.8% in the 1st quarter. Royal Bank of Canada now owns 427,945 shares of the financial services provider’s stock worth $21,197,000 after purchasing an additional 64,725 shares in the last quarter. Legal & General Group Plc lifted its stake in PacWest Bancorp by 7.1% in the 1st quarter. Legal & General Group Plc now owns 158,565 shares of the financial services provider’s stock worth $7,854,000 after purchasing an additional 10,533 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in PacWest Bancorp in the 1st quarter worth $1,996,000. Institutional investors own 86.23% of the company’s stock.
About PacWest Bancorp
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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