FY2020 EPS Estimates for PacWest Bancorp Cut by DA Davidson (NASDAQ:PACW)
PacWest Bancorp (NASDAQ:PACW) – Equities research analysts at DA Davidson decreased their FY2020 earnings estimates for shares of PacWest Bancorp in a research note issued on Friday, June 26th. DA Davidson analyst G. Tenner now expects that the financial services provider will earn $1.73 per share for the year, down from their prior estimate of $1.95. DA Davidson also issued estimates for PacWest Bancorp’s FY2021 earnings at $2.56 EPS.
Several other analysts also recently commented on PACW. TheStreet downgraded PacWest Bancorp from a “c” rating to a “d” rating in a research note on Tuesday, April 21st. Wedbush reduced their target price on PacWest Bancorp from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Wednesday, April 22nd. ValuEngine raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, May 1st. Royal Bank of Canada reduced their target price on PacWest Bancorp from $23.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, April 22nd. Finally, Raymond James raised PacWest Bancorp from a “market perform” rating to a “strong-buy” rating and set a $26.00 target price for the company in a report on Wednesday, June 17th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $29.71.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.31 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.39). The company had revenue of $278.85 million during the quarter, compared to analysts’ expectations of $268.27 million. PacWest Bancorp had a positive return on equity of 8.70% and a negative net margin of 79.95%.
A number of hedge funds and other institutional investors have recently made changes to their positions in PACW. Norges Bank bought a new position in PacWest Bancorp during the fourth quarter valued at $47,458,000. APG Asset Management N.V. bought a new position in PacWest Bancorp during the first quarter valued at $19,357,000. The Manufacturers Life Insurance Company grew its holdings in PacWest Bancorp by 49.2% during the first quarter. The Manufacturers Life Insurance Company now owns 1,721,300 shares of the financial services provider’s stock valued at $30,845,000 after purchasing an additional 567,849 shares during the period. BHZ Capital Management LP grew its holdings in PacWest Bancorp by 167.3% during the first quarter. BHZ Capital Management LP now owns 744,879 shares of the financial services provider’s stock valued at $13,348,000 after purchasing an additional 466,194 shares during the period. Finally, Ensign Peak Advisors Inc grew its holdings in PacWest Bancorp by 120.5% during the first quarter. Ensign Peak Advisors Inc now owns 729,986 shares of the financial services provider’s stock valued at $13,081,000 after purchasing an additional 398,992 shares during the period. 81.91% of the stock is owned by institutional investors and hedge funds.
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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