PacWest Bancorp to Post Q2 2023 Earnings of $0.13 Per Share, Wedbush Forecasts (NASDAQ:PACW)

PacWest Bancorp (NASDAQ:PACW – Get Rating) – Investment analysts at Wedbush dropped their Q2 2023 earnings per share estimates for PacWest Bancorp in a research report issued to clients and investors on Monday, May 22nd. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $0.13 per share for the quarter, down from their prior forecast of $0.20. Wedbush 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 $1.53 per share. Wedbush also issued estimates for PacWest Bancorp’s Q3 2023 earnings at $0.18 EPS, Q4 2023 earnings at $0.18 EPS, FY2023 earnings at $1.15 EPS, Q1 2024 earnings at $0.21 EPS, Q2 2024 earnings at $0.25 EPS, Q3 2024 earnings at $0.29 EPS, Q4 2024 earnings at $0.30 EPS and FY2024 earnings at $1.05 EPS.

Several other analysts have also recently issued reports on PACW. StockNews.com started coverage on PacWest Bancorp in a research report on Thursday, March 16th. They set a “sell” rating on the stock. Wells Fargo & Company lowered their price objective on PacWest Bancorp from $30.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 5th. Truist Financial lowered their price objective on PacWest Bancorp from $29.00 to $13.00 and set a “hold” rating for the company in a research report on Thursday, March 23rd. TheStreet cut PacWest Bancorp from a “c” rating to a “d+” rating in a research report on Tuesday, April 25th. Finally, Stephens reissued an “overweight” rating and issued a $32.00 price objective on shares of PacWest Bancorp in a research report on Monday, March 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, PacWest Bancorp currently has a consensus rating of “Hold” and a consensus price target of $21.88.

PacWest Bancorp Trading Down 2.4 %

Shares of NASDAQ PACW opened at $7.20 on Wednesday. PacWest Bancorp has a fifty-two week low of $2.48 and a fifty-two week high of $32.68. The company has a market cap of $849.89 million, a price-to-earnings ratio of -0.92 and a beta of 1.36. The business’s 50 day moving average price is $8.69 and its 200-day moving average price is $19.24. The company has a debt-to-equity ratio of 5.61, a quick ratio of 1.12 and a current ratio of 1.21.

PacWest Bancorp (NASDAQ:PACW – Get Rating) last issued its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. PacWest Bancorp had a positive return on equity of 14.46% and a negative net margin of 48.43%. The business had revenue of $315.69 million for the quarter, compared to the consensus estimate of $311.72 million. During the same period in the prior year, the business posted $1.01 earnings per share. The company’s quarterly revenue was down 5.3% compared to the same quarter last year.

PacWest Bancorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 31st. Shareholders of record on Monday, May 15th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, May 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.56%. PacWest Bancorp’s payout ratio is currently -0.51%.

Insider Buying and Selling at PacWest Bancorp

In related news, EVP William J. Black acquired 13,000 shares of PacWest Bancorp stock in a transaction on Thursday, March 9th. The stock was acquired at an average price of $20.57 per share, for a total transaction of $267,410.00. Following the purchase, the executive vice president now owns 13,000 shares of the company’s stock, valued at approximately $267,410. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP William J. Black acquired 13,000 shares of the stock in a transaction that occurred on Thursday, March 9th. The shares were bought at an average cost of $20.57 per share, for a total transaction of $267,410.00. Following the acquisition, the executive vice president now owns 13,000 shares in the company, valued at approximately $267,410. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Paul W. Taylor acquired 19,800 shares of the stock in a transaction that occurred on Thursday, March 9th. The stock was purchased at an average price of $22.21 per share, for a total transaction of $439,758.00. Following the completion of the acquisition, the chief executive officer now owns 116,041 shares in the company, valued at approximately $2,577,270.61. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 51,833 shares of company stock worth $1,089,746. Insiders own 1.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ethic Inc. raised its holdings in PacWest Bancorp by 6.1% during the first quarter. Ethic Inc. now owns 5,830 shares of the financial services provider’s stock worth $251,000 after purchasing an additional 335 shares in the last quarter. Federated Hermes Inc. grew its position in shares of PacWest Bancorp by 2.3% in the first quarter. Federated Hermes Inc. now owns 16,503 shares of the financial services provider’s stock valued at $712,000 after purchasing an additional 368 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of PacWest Bancorp by 1.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 34,637 shares of the financial services provider’s stock valued at $795,000 after purchasing an additional 406 shares during the last quarter. Eagle Bay Advisors LLC grew its position in shares of PacWest Bancorp by 36.3% in the fourth quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 444 shares during the last quarter. Finally, CWM LLC grew its position in shares of PacWest Bancorp by 5.0% in the fourth quarter. CWM LLC now owns 9,928 shares of the financial services provider’s stock valued at $228,000 after purchasing an additional 470 shares during the last quarter. 91.97% of the stock is currently owned by institutional investors and hedge funds.

About PacWest Bancorp

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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.