Q1 2019 Earnings Estimate for PacWest Bancorp (PACW) Issued By SunTrust Banks

PacWest Bancorp (NASDAQ:PACW) – Research analysts at SunTrust Banks boosted their Q1 2019 earnings per share estimates for PacWest Bancorp in a research report issued on Monday. SunTrust Banks analyst M. Young now anticipates that the financial services provider will earn $0.92 per share for the quarter, up from their prior estimate 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.

Several other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods restated a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a report on Friday, December 22nd. BMO Capital Markets reiterated a “hold” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a report on Wednesday, December 20th. BidaskClub upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. B. Riley reiterated a “hold” rating and issued a $50.00 price objective on shares of PacWest Bancorp in a report on Monday, December 11th. Finally, Raymond James Financial lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a report on Wednesday, November 1st. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $53.64.

PacWest Bancorp (NASDAQ:PACW) traded up $1.09 during trading hours on Tuesday, hitting $51.69. 833,520 shares of the company traded hands, compared to its average volume of 896,900. 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 firm has a market cap of $6,660.00, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 1.60 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 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million for the quarter, compared to analyst estimates 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 business posted $0.77 EPS.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PACW. Schwab Charles Investment Management Inc. increased its position in shares of PacWest Bancorp by 3.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 723,119 shares of the financial services provider’s stock worth $33,770,000 after purchasing an additional 23,114 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of PacWest Bancorp by 12.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after purchasing an additional 468 shares during the last quarter. Swiss National Bank increased its position in shares of PacWest Bancorp by 7.2% in the 2nd quarter. Swiss National Bank now owns 202,260 shares of the financial services provider’s stock worth $9,446,000 after purchasing an additional 13,500 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of PacWest Bancorp by 1.0% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 79 shares during the last quarter. Finally, State of Tennessee Treasury Department increased its position in shares of PacWest Bancorp by 100.0% in the 2nd quarter. State of Tennessee Treasury Department now owns 60,000 shares of the financial services provider’s stock worth $2,802,000 after purchasing an additional 30,000 shares during the last quarter. 82.37% of the stock is owned by institutional investors.

In other news, CFO Patrick J. Rusnak acquired 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were purchased 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.98% of the company’s stock.

PacWest Bancorp announced that its board has authorized a stock buyback program on Thursday, November 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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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.

Earnings History and Estimates for PacWest Bancorp (NASDAQ:PACW)

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