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PacWest (PACW) Soars 33.9%: Is Further Upside Left in the Stock?
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PacWest Bancorp shares ended the last trading session 33.9% higher at $13.05. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 65.2% loss over the past four weeks.
After stumbling significantly over the past few trading days, the trend for PACW has reversed. Following the fall-out from the collapse of two S&P 500 banks, investors have regained some confidence in the sector amid the steps taken by regulators to avert a full-blown bank run. Moreover, inflation numbers have come out as expected, which has further reinforced investor optimism. These developments drove the PACW stock higher in last day’s trading session.
This holding company for Pacific Western Bank is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of -21.8%. Revenues are expected to be $339.48 million, up 3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For PacWest, the consensus EPS estimate for the quarter has been revised 6.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PACW going forward to see if this recent jump can turn into more strength down the road.
PacWest is part of the Zacks Banks - West industry. First Northwest Bancorp (FNWB - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $12.25. FNWB has returned -22% in the past month.
First Northwest Bancorp's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.30. Compared to the company's year-ago EPS, this represents no change. First Northwest Bancorp currently boasts a Zacks Rank of #3 (Hold).
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PacWest (PACW) Soars 33.9%: Is Further Upside Left in the Stock?
PacWest Bancorp shares ended the last trading session 33.9% higher at $13.05. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 65.2% loss over the past four weeks.
After stumbling significantly over the past few trading days, the trend for PACW has reversed. Following the fall-out from the collapse of two S&P 500 banks, investors have regained some confidence in the sector amid the steps taken by regulators to avert a full-blown bank run. Moreover, inflation numbers have come out as expected, which has further reinforced investor optimism. These developments drove the PACW stock higher in last day’s trading session.
This holding company for Pacific Western Bank is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of -21.8%. Revenues are expected to be $339.48 million, up 3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For PacWest, the consensus EPS estimate for the quarter has been revised 6.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PACW going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
PacWest is part of the Zacks Banks - West industry. First Northwest Bancorp (FNWB - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $12.25. FNWB has returned -22% in the past month.
First Northwest Bancorp's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.30. Compared to the company's year-ago EPS, this represents no change. First Northwest Bancorp currently boasts a Zacks Rank of #3 (Hold).