DA Davidson Brokers Lower Earnings Estimates for PacWest Bancorp (PACW)

PacWest Bancorp (NASDAQ:PACW) – Equities research analysts at DA Davidson dropped their FY2019 earnings per share estimates for shares of PacWest Bancorp in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will earn $3.87 per share for the year, down from their previous forecast of $3.88. DA Davidson also issued estimates for PacWest Bancorp’s Q4 2019 earnings at $0.97 EPS, Q1 2020 earnings at $0.99 EPS, Q3 2020 earnings at $1.03 EPS, Q4 2020 earnings at $1.01 EPS and FY2020 earnings at $4.04 EPS.

PACW has been the topic of several other reports. Raymond James set a $48.00 price target on shares of PacWest Bancorp and gave the stock a “buy” rating in a report on Tuesday, February 26th. JMP Securities cut their price target on shares of PacWest Bancorp from $59.00 to $44.00 and set an “outperform” rating on the stock in a report on Monday, January 14th. Keefe, Bruyette & Woods lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $50.00 to $45.00 in a report on Sunday, February 24th. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Finally, BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 25th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $46.11.

Shares of PACW stock opened at $39.21 on Thursday. The company has a market cap of $4.70 billion, a P/E ratio of 10.54, a price-to-earnings-growth ratio of 1.04 and a beta of 1.53. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.95 and a current ratio of 0.95. PacWest Bancorp has a 52-week low of $31.16 and a 52-week high of $55.86.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.01. The company had revenue of $285.94 million for the quarter, compared to analyst estimates of $291.86 million. PacWest Bancorp had a net margin of 35.33% and a return on equity of 9.64%. During the same period last year, the company posted $0.93 earnings per share.

Several institutional investors and hedge funds have recently made changes to their positions in PACW. BlackRock Inc. grew its holdings in shares of PacWest Bancorp by 16.1% during the fourth quarter. BlackRock Inc. now owns 15,679,391 shares of the financial services provider’s stock valued at $521,810,000 after buying an additional 2,169,414 shares during the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of PacWest Bancorp by 3,228.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,692,721 shares of the financial services provider’s stock valued at $51,000 after buying an additional 1,641,858 shares during the last quarter. Ceredex Value Advisors LLC purchased a new stake in shares of PacWest Bancorp during the fourth quarter valued at $48,912,000. FMR LLC grew its holdings in shares of PacWest Bancorp by 117.6% during the fourth quarter. FMR LLC now owns 2,664,592 shares of the financial services provider’s stock valued at $88,677,000 after buying an additional 1,439,867 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of PacWest Bancorp during the fourth quarter valued at $38,929,000. 93.12% of the stock is currently owned by hedge funds and other institutional investors.

About PacWest Bancorp

PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.

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

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