Why PacWest Bancorp (PACW) Stock Is Trading Higher

PacWest Bancorp PACW shares are trading higher by 6.6% to $8.79 during Tuesday's session. PacWest shares are seeing strength amid earnings results from several banks on Tuesday.

Traders and investors will also be watching for PacWest's second-quarter earnings report, which is confirmed for July 25 after the market close. The company is expected to report EPS of 19 cents on revenue of $75.88 million.

What's Going On With Peer Banks?

Bank of America on Tuesday announced a notable year-over-year net income growth of 19% for the second quarter of FY23, reaching $7.4 billion. During the same period, EPS amounted to 88 cents, surpassing the previous year's figure of 73 cents and exceeding the consensus estimate of 84 cents.

Furthermore, Bank of America's revenue exhibited an 11% year-on-year increase, reaching $25.33 billion, surpassing the analyst consensus estimate of $25.05 billion...Read More

According to data from Benzinga Pro, PACW has a 52-week high of $30.43 and a 52-week low of $2.48.