PacWest Bancorp stock PACW is up 13.5% as the top gainer in premarket trades, according to the MarketWatch Premarket Screener, after the bank posted first-quarter results. Raymond James analysts said PacWest’s stronger-than-expected first-quarter operating earnings of 66 cents a share beat the consensus estimate of 61 cents a share. “The beat was driven by higher fee income, lower operating expenses, and a lower provision expense, partially offset by lower net interest income,” Raymond James analysts said. The stock has been hard-hit in 2023 after Silicon Valley Bank collapsed in March. Prior to Wednesday’s trades, PacWest stock has fallen 55.1% in 2023, compared to a 21% drop by the KBW Nasdaq Bank Index BKX.
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