Stock in the Spotlight: PacWest Bancorp (NASDAQ: PACW)
On 03 Feb 2020, PacWest Bancorp stock identified change of 8.67% away from 52-week low price and recently located move of -14.74% off 52-week high price. It has market worth of $4301.8M and dividend yield of 6.77%. PACW stock has been recorded -5.20% away from 50 day moving average and -4.81% away from 200 day moving average. Moving closer, we can see that shares have been trading -3.02% off 20-day moving average.
PacWest Bancorp (PACW) recently reported net earnings for the fourth quarter of 2019 of $117.9M, or $0.98 per diluted share, contrast to net earnings for the third quarter of 2019 of $110.0M, or $0.92 per diluted share. The increase in net earnings in the fourth quarter was primarily Because of lower income tax expense, of which $9.1M related to benefits from changes in state apportionment. Net earnings for the full year 2019 were $468.6M, or $3.90 per diluted share, contrast to net earnings for the full year 2018 of $465.3M, or $3.72 per diluted share.
Matt Wagner, President and CEO, commented, “We finished the year with strong earnings and continued improvement in our credit quality metrics and credit costs reflected by our fourth quarter net charge-offs ratio of two basis points. Our fourth quarter results produced a return on assets of 1.77% and a return on tangible equity of 19.98%.”
Mr. Wagner continued, “The strong fourth quarter capped a year of profitable growth and continued our solid operating performance resulting in a 2019 return on assets of 1.80% and return on tangible equity of 20.66%. The de-risking strategy initiated in 2017 has proven to be successful as our net charge-offs ratio reduced from 40 basis points in 2017 to nine basis points in 2019, while the provision for credit losses declined by 63% from $59.0M for non-PCI loans in 2017 to $22.0M in 2019. Our strategy and these outstanding operating results allowed us to return $444M to our stockholders in 2019 through stock repurchases and dividends. Our earnings per share for the full year 2019 increased by 5% over the previous year to $3.90.”
The Financial sector company, PacWest Bancorp noticed change of 1.20% to $35.47 along volume of 1013078 shares in recent session compared to an average volume of 788.93K. PACW’s shares are at -4.11% for the quarter and driving a -10.02% return over the course of the past year and is now at -7.32% since this point in 2018. The average volatility for the week at 2.04% and for month was at 1.86%. There are 121.28M shares outstanding and 118.37M shares are floated in market.
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