Q3 2020 Earnings Forecast for PacWest Bancorp Issued By Wedbush (NASDAQ:PACW)

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PacWest Bancorp (NASDAQ:PACW) – Equities research analysts at Wedbush lowered their Q3 2020 EPS estimates for shares of PacWest Bancorp in a research report issued to clients and investors on Monday, June 29th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $0.78 per share for the quarter, down from their prior estimate of $0.82. Wedbush has a “Neutral” rating and a $19.00 price target on the stock. Wedbush also issued estimates for PacWest Bancorp’s Q4 2020 earnings at $0.79 EPS and Q2 2021 earnings at $0.90 EPS.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.39). The business had revenue of $278.85 million for the quarter, compared to analyst estimates of $268.27 million. PacWest Bancorp had a positive return on equity of 8.70% and a negative net margin of 79.95%.

A number of other equities analysts also recently weighed in on the company. ValuEngine raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, May 1st. JMP Securities lowered their price target on PacWest Bancorp from $38.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 23rd. Zacks Investment Research downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, April 23rd. BidaskClub raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Royal Bank of Canada reduced their price target on PacWest Bancorp from $23.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 22nd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $29.71.

Shares of NASDAQ PACW opened at $19.71 on Wednesday. The business’s 50 day moving average price is $18.67 and its two-hundred day moving average price is $26.59. The company has a market cap of $2.20 billion, a PE ratio of -2.13 and a beta of 1.61. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.81. PacWest Bancorp has a twelve month low of $13.84 and a twelve month high of $40.14.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AXA lifted its stake in PacWest Bancorp by 140.9% during the first quarter. AXA now owns 162,400 shares of the financial services provider’s stock worth $2,911,000 after purchasing an additional 95,000 shares during the last quarter. New Mexico Educational Retirement Board lifted its stake in PacWest Bancorp by 36.4% during the first quarter. New Mexico Educational Retirement Board now owns 28,500 shares of the financial services provider’s stock worth $511,000 after purchasing an additional 7,600 shares during the last quarter. State of Tennessee Treasury Department lifted its stake in PacWest Bancorp by 10.3% during the first quarter. State of Tennessee Treasury Department now owns 72,568 shares of the financial services provider’s stock worth $1,300,000 after purchasing an additional 6,786 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in PacWest Bancorp by 49.2% during the first quarter. The Manufacturers Life Insurance Company now owns 1,721,300 shares of the financial services provider’s stock worth $30,845,000 after purchasing an additional 567,849 shares during the last quarter. Finally, APG Asset Management N.V. bought a new stake in PacWest Bancorp during the first quarter worth $19,357,000. Hedge funds and other institutional investors own 81.91% of the company’s stock.

PacWest Bancorp Company Profile

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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