Public Employees Retirement Association of Colorado trimmed its position in shares of PacWest Bancorp (NASDAQ:PACW) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 287,392 shares of the financial services provider’s stock after selling 2,406 shares during the period. Public Employees Retirement Association of Colorado owned 0.22% of PacWest Bancorp worth $14,516,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. ARP Americas LLC boosted its position in PacWest Bancorp by 85.6% during the third quarter. ARP Americas LLC now owns 12,794 shares of the financial services provider’s stock worth $646,000 after purchasing an additional 5,900 shares during the period. Canada Pension Plan Investment Board boosted its position in PacWest Bancorp by 69.6% during the third quarter. Canada Pension Plan Investment Board now owns 40,200 shares of the financial services provider’s stock worth $2,031,000 after purchasing an additional 16,500 shares during the period. Mesirow Financial Investment Management Equity Management boosted its position in PacWest Bancorp by 15.1% during the third quarter. Mesirow Financial Investment Management Equity Management now owns 34,235 shares of the financial services provider’s stock worth $1,729,000 after purchasing an additional 4,480 shares during the period. Crossmark Global Holdings Inc. bought a new position in PacWest Bancorp during the third quarter worth $550,000. Finally, Raymond James Financial Services Advisors Inc. boosted its position in PacWest Bancorp by 41.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 91,525 shares of the financial services provider’s stock worth $4,623,000 after purchasing an additional 26,840 shares during the period. Institutional investors and hedge funds own 82.93% of the company’s stock.
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A number of brokerages have recently issued reports on PACW. UBS AG cut shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. FBR & Co cut shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price for the company. in a research report on Wednesday, October 18th. SunTrust Banks, Inc. reissued a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 12th. BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Finally, Raymond James Financial, Inc. cut their price objective on shares of PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating for the company in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $53.00.
Shares of PacWest Bancorp (NASDAQ:PACW) traded up $0.08 during mid-day trading on Monday, reaching $44.79. The company had a trading volume of 414,472 shares, compared to its average volume of 815,448. PacWest Bancorp has a 1-year low of $43.08 and a 1-year high of $57.53. The company has a market capitalization of $5,740.00, a PE ratio of 15.05, a PEG ratio of 1.51 and a beta of 1.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The business had revenue of $273.07 million for the quarter, compared to analysts’ expectations of $281.14 million. During the same period in the prior year, the business posted $0.77 earnings per share. sell-side analysts predict that PacWest Bancorp will post 2.96 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Monday, November 20th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, November 17th. PacWest Bancorp’s payout ratio is presently 67.57%.
In other PacWest Bancorp news, CFO Patrick J. Rusnak purchased 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The shares were purchased at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the acquisition, the chief financial officer now owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.98% of the stock is currently owned by corporate insiders.
PacWest Bancorp Company Profile
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. As of December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 branches located throughout the state of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country.
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