PacWest Bancorp (PACW) to Post FY2017 Earnings of $3.09 Per Share, DA Davidson Forecasts
PacWest Bancorp (NASDAQ:PACW) – Research analysts at DA Davidson increased their FY2017 EPS estimates for shares of PacWest Bancorp in a research note issued on Tuesday. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $3.09 per share for the year, up from their previous estimate of $3.02. DA Davidson currently has a “Buy” rating and a $53.00 target price on the stock. DA Davidson also issued estimates for PacWest Bancorp’s Q4 2017 earnings at $0.84 EPS, Q1 2018 earnings at $0.75 EPS, Q2 2018 earnings at $0.77 EPS, Q3 2018 earnings at $0.81 EPS, Q4 2018 earnings at $0.84 EPS and FY2019 earnings at $3.50 EPS.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The company had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. During the same period last year, the company posted $0.77 earnings per share.
Shares of PacWest Bancorp (NASDAQ PACW) opened at $47.00 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $6,195.36, a PE ratio of 16.18, a P/E/G ratio of 1.60 and a beta of 1.59. PacWest Bancorp has a 12-month low of $43.08 and a 12-month high of $57.53.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Monday, November 20th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.26%. The ex-dividend date of this dividend was Friday, November 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 67.34%.
PacWest Bancorp announced that its board has approved a stock buyback plan on Thursday, November 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other PacWest Bancorp news, CFO Patrick J. Rusnak acquired 2,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The shares were acquired at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the acquisition, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.98% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Bank of Nova Scotia bought a new position in shares of PacWest Bancorp during the 2nd quarter valued at about $1,742,000. Synovus Financial Corp lifted its stake in PacWest Bancorp by 9.3% in the 2nd quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock valued at $6,641,000 after acquiring an additional 12,055 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in PacWest Bancorp by 4.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock valued at $59,942,000 after acquiring an additional 59,603 shares in the last quarter. Victory Capital Management Inc. lifted its stake in PacWest Bancorp by 11.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock valued at $75,653,000 after acquiring an additional 167,575 shares in the last quarter. Finally, Heartland Advisors Inc. lifted its stake in PacWest Bancorp by 20.1% in the 2nd quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock valued at $11,217,000 after acquiring an additional 40,200 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.
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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 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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