PacWest Bancorp (NASDAQ:PACW) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.13, Briefing.com reports. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same quarter in the prior year, the business earned $0.65 earnings per share.
Shares of PACW stock opened at $49.59 on Wednesday. The company has a market capitalization of $6,083.74, a price-to-earnings ratio of 16.98, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.19. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $54.86.
PacWest Bancorp announced that its Board of Directors has authorized a share buyback program on Friday, February 16th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
PACW has been the subject of a number of analyst reports. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods restated a “buy” rating and set a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, December 22nd. DA Davidson restated a “buy” rating and set a $59.00 price objective on shares of PacWest Bancorp in a research report on Friday, January 19th. SunTrust Banks restated a “hold” rating and set a $54.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, January 9th. Finally, BMO Capital Markets restated a “hold” rating and set a $49.00 price objective on shares of PacWest Bancorp in a research report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. PacWest Bancorp currently has a consensus rating of “Buy” and a consensus target price of $54.73.
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About PacWest Bancorp
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. As of October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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