Zacks: Analysts Predict PacWest Bancorp (NASDAQ: PACW) to Show Quarterly Sales of $ 342.07 Million
Stock analysts expect PacWest Bancorp (NASDAQ: PACW) to post sales of $ 342.07 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have released earnings estimates for PacWest Bancorp. The lowest sales estimate is $ 333.00 million and the highest is $ 354.90 million. PacWest Bancorp recorded sales of $ 299.06 million in the same quarter last year, suggesting a positive year-over-year growth rate of 14.4%. The company is expected to release its next results after market close on Wednesday, January 19.
According to Zacks, analysts expect PacWest Bancorp to report annual revenue of $ 1.29 billion for the current year, with estimates ranging from $ 1.27 billion to $ 1.30 billion of dollars. For the next fiscal year, analysts predict the company will post sales of $ 1.42 billion, with estimates ranging from $ 1.37 billion to $ 1.46 billion. Zacks’ sales averages are an average based on a survey of seller-side research analysts who follow PacWest Bancorp.
PacWest Bancorp (NASDAQ: PACW) last released its quarterly results on Sunday, October 17. The financial services provider reported earnings per share (EPS) of $ 1.17 for the quarter, beating the consensus estimate of $ 1.03 by $ 0.14. The company posted revenue of $ 327.19 million in the quarter, compared to analysts’ estimates of $ 317.04 million. PacWest Bancorp had a net margin of 45.47% and a return on equity of 15.74%. The company’s revenue increased 13.0% year-over-year. During the same period of the previous year, the company posted earnings per share of $ 0.38.
PACW has been the subject of several analyst reports. Truist Financial raised the shares of PacWest Bancorp to a “buy” rating and set a target price of $ 50.00 for the company in a research note on Tuesday, September 21. Truist raised its target price for the PacWest Bancorp stock from $ 50.00 to $ 55.00 and assigned a “buy” rating to the stock in a report released on Wednesday, October 20. Truist Securities upgraded PacWest Bancorp shares from a “hold” rating to a “buy” rating and set a target price of $ 50.00 on the stock in a report released on Tuesday, September 21. Wells Fargo & Company raised its price target for the PacWest Bancorp stock from $ 50.00 to $ 60.00 and assigned the stock an “overweight” rating in a report released on Thursday, October 7. Finally, Zacks Investment Research downgraded PacWest Bancorp shares from a “buy” rating to a “hold” rating in a report released on Tuesday, October 26. Two equity research analysts rated the stock with a conservation rating, eight gave the company’s stock a buy rating, and one gave the company’s stock a strong buy rating. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $ 51.45.
In other PacWest Bancorp news, director Daniel B. Platt sold 13,489 shares of PacWest Bancorp in a trade on Tuesday, October 26. The shares were sold for an average price of $ 47.37, for a total value of $ 638,973.93. The sale was disclosed in a filing with the SEC, accessible through this link. Additionally, CEO Christopher D. Blake sold 3,000 shares of PacWest Bancorp in a trade on Friday, November 5th. The shares were sold at an average price of $ 49.09, for a total trade of $ 147,270.00. Disclosure of this sale can be found here. Insiders have sold a total of 19,489 shares of the company valued at $ 936,244 in the past 90 days. Insiders own 1.30% of the company’s shares.
A number of hedge funds and other institutional investors have recently changed their positions in PACW. Amundi Pioneer Asset Management Inc. took a new stake in PacWest Bancorp in the 1st quarter for a value of $ 3,565,000. SRS Capital Advisors Inc. purchased a new position in PacWest Bancorp shares in the second quarter valued at $ 68,000. The New York State Common Retirement Fund increased its stake in PacWest Bancorp shares by 3.0% in the 2nd quarter. The New York State Pooled Retirement Fund now owns 155,980 shares of the financial services provider valued at $ 6,420,000 after purchasing an additional 4,491 shares in the last quarter. Victory Capital Management Inc. increased its stake in the shares of PacWest Bancorp by 0.6% in the 2nd quarter. Victory Capital Management Inc. now owns 1,203,391 shares of the financial services provider valued at $ 49,531,000 after purchasing an additional 7,609 shares in the last quarter. Finally, Ceredex Value Advisors LLC purchased a new position in PacWest Bancorp shares in the second quarter for a value of $ 64,644,000. Institutional investors hold 88.33% of the company’s shares.
PACW stock opened at $ 43.14 on Monday. PacWest Bancorp has a one-year low at $ 24.19 and a one-year high at $ 50.42. The company has a market cap of $ 5.06 billion, a P / E ratio of 8.72 and a beta of 1.49. The company has a 50-day moving average of $ 47.05 and a 200-day moving average of $ 43.85. The company has a debt to equity ratio of 0.22, a current ratio of 0.77, and a rapid ratio of 0.77.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 30. Shareholders of record on Monday, November 15, received a dividend of $ 0.25 per share. The ex-dividend date was Friday, November 12. This represents an annualized dividend of $ 1.00 and a dividend yield of 2.32%. PacWest Bancorp’s payout ratio is 20.20%.
PacWest Bancorp Company Profile
PacWest Bancorp is a banking holding company specializing in financial and banking solutions. Through Pacific Western Bank, it provides commercial banking services, including real estate, construction, commercial lending, full deposit and cash management services to small and medium-sized businesses.
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