Wedbush Weighs in on PacWest Bancorp’s Q4 2017 Earnings (PACW)
PacWest Bancorp (NASDAQ:PACW) – Analysts at Wedbush boosted their Q4 2017 earnings per share (EPS) estimates for shares of PacWest Bancorp in a research report issued to clients and investors on Thursday. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.75 per share for the quarter, up from their prior forecast of $0.74. Wedbush also issued estimates for PacWest Bancorp’s FY2018 earnings at $3.19 EPS.
Other equities analysts also recently issued reports about the company. Piper Jaffray Companies reiterated a “buy” rating and issued a $54.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 19th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, December 22nd. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. SunTrust Banks reiterated a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 12th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research note on Wednesday, December 20th. Ten equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $53.18.
PacWest Bancorp (NASDAQ:PACW) opened at $50.80 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $6,549.95, a PE ratio of 17.10, a price-to-earnings-growth ratio of 1.61 and a beta of 1.59. PacWest Bancorp has a 1 year low of $43.08 and a 1 year high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.75 by $0.09. The firm had revenue of $273.07 million during the quarter, compared to the consensus estimate 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 last year, the company earned $0.77 earnings per share.
PacWest Bancorp announced that its board has approved a stock repurchase program on Thursday, November 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, CFO Patrick J. Rusnak purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, October 19th. The stock was bought at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the purchase, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PACW. Janus Henderson Group PLC acquired a new stake in PacWest Bancorp during the second quarter worth approximately $108,636,000. Koch Industries Inc. grew its stake in PacWest Bancorp by 30,853.3% during the second quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock worth $1,313,000 after purchasing an additional 1,337,180 shares during the period. State Street Corp grew its stake in PacWest Bancorp by 15.0% during the second quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock worth $275,951,000 after purchasing an additional 771,015 shares during the period. Prudential Financial Inc. grew its stake in PacWest Bancorp by 86.1% during the third quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock worth $56,907,000 after purchasing an additional 521,327 shares during the period. Finally, BlackRock Inc. grew its stake in PacWest Bancorp by 3.1% during the second quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock worth $632,700,000 after purchasing an additional 404,986 shares during the period. 82.37% of the stock is owned by institutional investors and hedge funds.
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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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