PacWest Bancorp (NASDAQ:PACW) Expected to Post Quarterly Sales of $316.65 Million

Brokerages expect that PacWest Bancorp (NASDAQ:PACW) will report sales of $316.65 million for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for PacWest Bancorp’s earnings, with the lowest sales estimate coming in at $313.60 million and the highest estimate coming in at $319.70 million. PacWest Bancorp reported sales of $289.58 million during the same quarter last year, which indicates a positive year-over-year growth rate of 9.3%. The company is expected to report its next quarterly earnings results on Wednesday, October 13th.

On average, analysts expect that PacWest Bancorp will report full-year sales of $1.28 billion for the current fiscal year, with estimates ranging from $1.24 billion to $1.34 billion. For the next year, analysts anticipate that the company will post sales of $1.36 billion, with estimates ranging from $1.31 billion to $1.41 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover PacWest Bancorp.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Sunday, July 18th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.54. PacWest Bancorp had a net margin of 39.30% and a return on equity of 13.62%. The business had revenue of $306.68 million for the quarter, compared to analyst estimates of $304.07 million. During the same period in the previous year, the business posted $0.28 earnings per share.

A number of analysts recently commented on PACW shares. Wedbush decreased their price objective on shares of PacWest Bancorp from $47.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, July 20th. Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 9th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $42.50.

PACW stock traded down $0.88 during trading on Wednesday, reaching $41.15. 655,544 shares of the company were exchanged, compared to its average volume of 910,231. The company has a market cap of $4.82 billion, a P/E ratio of 9.73 and a beta of 1.60. PacWest Bancorp has a 52-week low of $15.62 and a 52-week high of $46.75. The stock’s 50 day moving average price is $41.14 and its 200 day moving average price is $41.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.83 and a current ratio of 0.83.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 31st. Shareholders of record on Tuesday, August 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Monday, August 16th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 47.62%.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vaughan Nelson Investment Management L.P. lifted its stake in shares of PacWest Bancorp by 319.2% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 2,153,177 shares of the financial services provider’s stock valued at $82,143,000 after buying an additional 1,639,518 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of PacWest Bancorp during the second quarter valued at approximately $64,644,000. Boston Partners purchased a new position in shares of PacWest Bancorp during the first quarter valued at approximately $37,072,000. Jennison Associates LLC purchased a new position in shares of PacWest Bancorp during the first quarter valued at approximately $28,517,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of PacWest Bancorp by 35.2% during the second quarter. Goldman Sachs Group Inc. now owns 2,178,618 shares of the financial services provider’s stock valued at $89,671,000 after buying an additional 566,843 shares during the period. 88.45% of the stock is currently owned by institutional investors.

PacWest Bancorp Company Profile

PacWest Bancorp is a bank holding company, which specializes in financial and banking solutions. Through the Pacific Western Bank, it offers commercial banking services including real estate, construction, commercial loans, comprehensive deposit, and treasury management services to small and middle-market businesses.

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

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