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PacWest Bancorp Up 3.58% To $27.04 After Earnings Miss

Friday, January 27, 2023 03:29 PM | InvestorsObserver Analysts

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PacWest Bancorp Up 3.58% To $27.04 After Earnings Miss

PacWest Bancorp (PACW) said after close Thursday that it earned $0.55 per share in quarter four 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $304 million, missing estimates by $72.2 million.

In the same quarter a year ago, the company earned $1.14 per share on revenue of $357.8 million.

The stock is up 3.58% to $27.04 after the report.

PacWest Bancorp's profit margins took a hit as earnings fell at a faster pace than revenues.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned PacWest Bancorp a Bullish Sentiment Rank from InvestorsObserver.

PacWest Bancorp has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 16, putting PacWest Bancorp in the bottom 25% of stocks. The firm set a 52-week low on October 21, 2022 at $21.29 and set a 52-week high on February 10, 2022 at $51.81.

PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank. The bank has tens of full-service branches mostly located throughout California. The bank provides commercial banking services, including real estate, construction, and commercial loans, as well as comprehensive deposit and treasury management services, to small and midsize businesses. The Bank also provides venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses. The vast majority of the bank's net revenue comes from net interest income.

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