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Banc of California, Inc. (PACW) Q4 2023 Earnings Call Transcript
Underperforming bank stocks are casting a shadow over the U.S. financial landscape on the back of diminished investor confidence, shaken by the March banking crisis. The banking sector, still reeling from the Silicon Valley Bank collapse and struggles of smaller lenders, has yet to see the same benefits of rising interest rates.
PacWest Bancorp (PACW) came out with a quarterly loss of $0.31 per share versus the Zacks Consensus Estimate of $0.05. This compares to earnings of $1.02 per share a year ago.
PacWest (PACW) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Investors need to pay close attention to PacWest Bancorp (PACW) stock based on the movements in the options market lately.
LOS ANGELES, Oct. 05, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq: PACW) (the “Company” or “PacWest”) will report its financial results for the quarter and year-to-date period ended September 30, 2023 before the opening of the stock market on Tuesday, October 24, 2023. The Company will file its quarterly financial results with the SEC via Form 8-K and issue a press release via newswire, which will also be posted on the SEC Filings section of its website at http://www.pacwestbancorp.com.
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PacWest's preferreds currently offer a 9.6% yield on cost. They're also still trading at a discount, this sits at around 20% or 80 cents on the dollar. The merger with Banc of California has materially derisked their investment profile.
PacWest fell along with most banks last month, as the KBW Regional Banking index dropped 8.2% in August. PacWest is preparing to merge with Banc of California, potentially by the end of 2023.
Investors need to pay close attention to PacWest Bancorp (PACW) stock based on the movements in the options market lately.