PacWest Bancorp (NASDAQ:PACW) – Research analysts at SunTrust Banks upped their Q1 2019 earnings per share (EPS) estimates for PacWest Bancorp in a research note issued to investors on Monday. SunTrust Banks analyst M. Young now expects that the financial services provider will earn $0.92 per share for the quarter, up from their prior forecast of $0.79. SunTrust Banks currently has a “Hold” rating and a $54.00 target price on the stock. SunTrust Banks also issued estimates for PacWest Bancorp’s Q2 2019 earnings at $0.94 EPS, Q3 2019 earnings at $0.98 EPS and Q4 2019 earnings at $1.01 EPS.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 30.80% and a return on equity of 7.87%. During the same quarter in the previous year, the firm posted $0.77 earnings per share.
Shares of PacWest Bancorp (NASDAQ PACW) traded up $0.43 during mid-day trading on Tuesday, hitting $52.12. 823,252 shares of the company were exchanged, compared to its average volume of 1,030,000. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $6,720.00, a P/E ratio of 17.61, 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.
A number of institutional investors have recently modified their holdings of PACW. Steward Partners Investment Advisory LLC acquired a new stake in shares of PacWest Bancorp in the third quarter valued at approximately $122,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of PacWest Bancorp by 12.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 468 shares during the last quarter. Raymond James Trust N.A. acquired a new stake in shares of PacWest Bancorp in the third quarter valued at approximately $211,000. CIBC Asset Management Inc acquired a new stake in shares of PacWest Bancorp in the third quarter valued at approximately $213,000. Finally, 1st Global Advisors Inc. grew its position in shares of PacWest Bancorp by 3.4% in the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 169 shares during the last quarter. 82.37% of the stock is owned by institutional investors.
In other news, CFO Patrick J. Rusnak purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, October 19th. The stock was purchased at an average cost of $46.92 per share, with a total value of $93,840.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.98% of the company’s stock.
PacWest Bancorp announced that its board has approved a stock repurchase plan on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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