DA Davidson Comments on PacWest Bancorp’s Third Quarter 2022 Results (NASDAQ:PACW)
PacWest Bancorp (NASDAQ: PACW – Get a rating) – Investment analysts DA Davidson released their third quarter 2022 earnings per share estimates for shares of PacWest Bancorp in a research report released Monday, July 25. DA Davidson analyst G. Tenner expects the financial services provider to earn $1.11 per share for the quarter. The consensus estimate for PacWest Bancorp’s current annual earnings is $4.31 per share.
PacWest Bancorp (NASDAQ: PACW – Get a rating) last released its quarterly results on Wednesday, July 20. The financial services provider reported earnings per share of $1.02 for the quarter, missing the consensus estimate of $1.07 per ($0.05). PacWest Bancorp had a return on equity of 13.34% and a net margin of 35.95%. The company posted revenue of $358.27 million for the quarter, compared to $354.14 million expected by analysts. In the same quarter last year, the company achieved EPS of $1.52. PacWest Bancorp’s revenue for the quarter increased 16.8% compared to the same quarter last year.
PACW has been the subject of a number of other research reports. Truist Financial lowered its price target on PacWest Bancorp from $45.00 to $38.00 and set a “buy” rating on the stock in a Monday, June 13 report. Stephens lowered his price target on PacWest Bancorp to $48.00 in a Friday, June 3 report. Raymond James downgraded PacWest Bancorp from a “strong buy” rating to a “market performance” rating in a Thursday, July 7 report. Wedbush raised its price target on PacWest Bancorp to $31.00 in a research note on Friday. Finally, Wells Fargo & Company lowered its price target on PacWest Bancorp to $40.00 in a research note on Friday. Three research analysts gave the stock a hold rating and four gave the company a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.33.
Price performance of PacWest Bancorp
NASDAQ PACW shares opened at $27.16 on Tuesday. The stock’s 50-day moving average is $28.58 and its two-hundred-day moving average is $38.00. The company has a debt ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.78. PacWest Bancorp has a 1 year minimum of $25.48 and a 1 year maximum of $51.81. The company has a market capitalization of $3.19 billion, a price-earnings ratio of 6.26 and a beta of 1.44.
PacWest Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 31. Shareholders of record on Monday, May 16 received a dividend of $0.25. The ex-dividend date was Friday, May 13. This represents an annualized dividend of $1.00 and a dividend yield of 3.68%. PacWest Bancorp’s dividend payout ratio is currently 23.04%.
In other PacWest Bancorp news, Executive Vice President Rebecca H. Cordes purchased 10,000 shares of PacWest Bancorp in a trade dated Monday, June 6. The shares were acquired at an average cost of $25.00 per share, with a total value of $250,000.00. Following the acquisition, the executive vice president now directly owns 10,000 shares of the company, valued at $250,000. The purchase was disclosed in an SEC filing, which is available via the SEC website. In other news, Executive Vice President Rebecca H. Cordes acquired 10,000 shares of PacWest Bancorp in a transaction that took place on Monday, June 6. The shares were purchased at an average cost of $25.00 per share, with a total value of $250,000.00. Following the completion of the acquisition, the executive vice president now owns 10,000 shares of the company, valued at approximately $250,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. Additionally, CEO Matthew P. Wagner acquired 20,000 shares of PacWest Bancorp in a transaction that took place on Monday, June 6. The shares were purchased at an average cost of $25.00 per share, with a total value of $500,000.00. Following the completion of the acquisition, the CEO now owns 20,000 shares of the company, valued at approximately $500,000. Disclosure of this purchase can be found here. Insiders have acquired 42,000 shares of the company valued at $1,050,000 in the past three months. 1.25% of the shares are currently held by insiders of the company.
Institutional investors weigh in on PacWest Bancorp
Hedge funds and other institutional investors have recently changed their positions in the company. Exchange Traded Concepts LLC acquired a new position in PacWest Bancorp in the first quarter worth $29,000. Seizert Capital Partners LLC increased its stake in shares of PacWest Bancorp by 60.7% during the first quarter. Seizert Capital Partners LLC now owns 458,483 shares of the financial services provider worth $19,774,000 after buying an additional 173,120 shares last quarter. Walleye Capital LLC acquired a new stock position in PacWest Bancorp during the fourth quarter worth approximately $2,256,000. River Oaks Capital LLC increased its stake in shares of PacWest Bancorp by 2.6% during the first quarter. River Oaks Capital LLC now owns 51,500 shares of the financial services provider worth $2,221,000 after buying an additional 1,300 shares last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of PacWest Bancorp in the fourth quarter worth approximately $549,000. Hedge funds and other institutional investors own 88.68% of the company’s shares.
PacWest Bancorp Company Profile
PacWest Bancorp operates as a bank holding company for Pacific Western Bank which provides various banking products and services. The company accepts demand, money market and term deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation and construction of commercial real estate; small business administration loans; asset-backed loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture capital-backed companies; and loans and leases secured by equipment.
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