Q1 2023 EPS Estimates for PacWest Bancorp (NASDAQ:PACW) Cut by Analyst

PacWest Bancorp (NASDAQ:PACW – Get Rating) – Research analysts at Wedbush lowered their Q1 2023 earnings per share estimates for shares of PacWest Bancorp in a note issued to investors on Monday, March 13th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $0.77 per share for the quarter, down from their previous estimate of $0.87. Wedbush currently has a “Neutral” rating and a $27.00 price objective on the stock. The consensus estimate for PacWest Bancorp’s current full-year earnings is $3.42 per share. Wedbush also issued estimates for PacWest Bancorp’s Q2 2023 earnings at $0.84 EPS, Q3 2023 earnings at $0.85 EPS, Q4 2023 earnings at $0.84 EPS and FY2024 earnings at $3.65 EPS.

A number of other equities research analysts have also recently weighed in on PACW. Truist Financial upped their price objective on PacWest Bancorp from $26.00 to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, February 1st. StockNews.com cut PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 10th. Stephens restated an “overweight” rating and set a $32.00 price objective on shares of PacWest Bancorp in a research note on Monday. DA Davidson upgraded PacWest Bancorp from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $31.00 to $29.00 in a research note on Monday. Finally, Wells Fargo & Company upped their price objective on PacWest Bancorp from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, PacWest Bancorp presently has a consensus rating of “Hold” and a consensus price target of $33.00.

PacWest Bancorp Trading Up 33.8 %

Shares of NASDAQ PACW opened at $13.05 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market capitalization of $1.54 billion, a P/E ratio of 3.86 and a beta of 1.46. PacWest Bancorp has a 1-year low of $5.00 and a 1-year high of $46.84. The business has a fifty day moving average price of $25.53 and a 200 day moving average price of $24.86.

PacWest Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Wednesday, February 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.66%. The ex-dividend date was Tuesday, February 14th. PacWest Bancorp’s dividend payout ratio is presently 29.59%.

Insider Activity

In other news, CEO Paul W. Taylor acquired 19,800 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were acquired at an average cost of $22.21 per share, with a total value of $439,758.00. Following the completion of the acquisition, the chief executive officer now owns 116,041 shares of the company’s stock, valued at $2,577,270.61. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Paul W. Taylor acquired 19,800 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were acquired at an average cost of $22.21 per share, with a total value of $439,758.00. Following the completion of the acquisition, the chief executive officer now owns 116,041 shares of the company’s stock, valued at $2,577,270.61. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Matthew P. Wagner acquired 13,885 shares of the business’s stock in a transaction dated Friday, March 10th. The stock was purchased at an average cost of $21.12 per share, for a total transaction of $293,251.20. Following the completion of the acquisition, the chairman now directly owns 33,885 shares of the company’s stock, valued at approximately $715,651.20. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 55,583 shares of company stock valued at $1,189,046. Company insiders own 1.25% of the company’s stock.

Institutional Trading of PacWest Bancorp

Hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas boosted its stake in shares of PacWest Bancorp by 69.8% in the third quarter. Teacher Retirement System of Texas now owns 32,392 shares of the financial services provider’s stock worth $732,000 after buying an additional 13,311 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of PacWest Bancorp by 12.5% in the third quarter. Great West Life Assurance Co. Can now owns 84,197 shares of the financial services provider’s stock worth $1,903,000 after buying an additional 9,360 shares during the last quarter. Brandywine Global Investment Management LLC boosted its stake in shares of PacWest Bancorp by 5.1% in the second quarter. Brandywine Global Investment Management LLC now owns 203,714 shares of the financial services provider’s stock worth $5,431,000 after buying an additional 9,809 shares during the last quarter. Cibc World Market Inc. boosted its stake in shares of PacWest Bancorp by 20.0% in the second quarter. Cibc World Market Inc. now owns 26,532 shares of the financial services provider’s stock worth $707,000 after buying an additional 4,422 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of PacWest Bancorp by 527.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 160,588 shares of the financial services provider’s stock worth $3,629,000 after buying an additional 134,997 shares during the last quarter. Hedge funds and other institutional investors own 91.97% of the company’s stock.

About PacWest Bancorp

(Get Rating)

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