PacWest Bancorp (NASDAQ:PACW) – Analysts at Wedbush raised their Q3 2017 earnings estimates for PacWest Bancorp in a report released on Tuesday. 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 $0.73. Wedbush currently has a “Neutral” rating and a $49.00 target price on the stock. Wedbush also issued estimates for PacWest Bancorp’s Q4 2017 earnings at $0.76 EPS, FY2017 earnings at $2.93 EPS, Q1 2018 earnings at $0.79 EPS, Q2 2018 earnings at $0.82 EPS and FY2018 earnings at $3.30 EPS.
PACW has been the subject of a number of other reports. UBS AG upgraded shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, April 6th. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. BMO Capital Markets reiterated a “hold” rating and set a $55.00 price target on shares of PacWest Bancorp in a research report on Friday, May 26th. Piper Jaffray Companies lifted their price target on shares of PacWest Bancorp from $62.00 to $63.00 and gave the company an “overweight” rating in a research report on Tuesday, April 11th. Finally, ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $55.60.
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Shares of PacWest Bancorp (NASDAQ PACW) opened at 48.75 on Wednesday. The firm has a 50-day moving average of $47.10 and a 200 day moving average of $51.38. The stock has a market capitalization of $5.77 billion, a PE ratio of 17.41 and a beta of 1.58. PacWest Bancorp has a 52-week low of $40.01 and a 52-week high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. The company had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. PacWest Bancorp had a net margin of 30.38% and a return on equity of 7.52%. During the same period in the previous year, the company earned $0.68 EPS.
Several hedge funds have recently modified their holdings of PACW. CHURCHILL MANAGEMENT Corp bought a new stake in shares of PacWest Bancorp during the first quarter valued at $19,338,000. First Interstate Bank increased its stake in shares of PacWest Bancorp by 10.4% in the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock valued at $232,000 after buying an additional 410 shares in the last quarter. Morgan Stanley increased its stake in shares of PacWest Bancorp by 51.3% in the first quarter. Morgan Stanley now owns 529,283 shares of the financial services provider’s stock valued at $28,189,000 after buying an additional 179,423 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of PacWest Bancorp by 74.4% in the fourth quarter. AQR Capital Management LLC now owns 49,425 shares of the financial services provider’s stock valued at $2,691,000 after buying an additional 21,082 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. increased its stake in shares of PacWest Bancorp by 35.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 8,019 shares of the financial services provider’s stock valued at $427,000 after buying an additional 2,109 shares in the last quarter. Institutional investors and hedge funds own 88.25% of the company’s stock.
In other news, Director Craig A. Carlson sold 1,081 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $47.16, for a total transaction of $50,979.96. Following the completion of the sale, the director now owns 6,273 shares in the company, valued at approximately $295,834.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.98% of the stock is currently owned by insiders.
About PacWest Bancorp
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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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