Geode Capital Management LLC boosted its position in shares of PacWest Bancorp (NASDAQ:PACW) by 7.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,153,872 shares of the financial services provider’s stock after buying an additional 81,103 shares during the quarter. Geode Capital Management LLC owned 0.90% of PacWest Bancorp worth $58,154,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in PACW. Janus Henderson Group PLC boosted its stake in PacWest Bancorp by 34.1% during the third quarter. Janus Henderson Group PLC now owns 3,120,366 shares of the financial services provider’s stock valued at $157,610,000 after buying an additional 794,113 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of PacWest Bancorp by 5.0% during the fourth quarter. BlackRock Inc. now owns 13,945,196 shares of the financial services provider’s stock valued at $702,839,000 after purchasing an additional 659,918 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of PacWest Bancorp by 86.1% during the third quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock valued at $56,907,000 after purchasing an additional 521,327 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of PacWest Bancorp by 10.8% during the fourth quarter. Wells Fargo & Company MN now owns 4,815,057 shares of the financial services provider’s stock valued at $242,679,000 after purchasing an additional 468,841 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of PacWest Bancorp by 35.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,066,629 shares of the financial services provider’s stock valued at $53,758,000 after purchasing an additional 276,401 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on PACW. B. Riley reaffirmed a “neutral” rating and set a $55.00 target price (up from $52.00) on shares of PacWest Bancorp in a report on Monday, January 22nd. BidaskClub downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a report on Wednesday, January 24th. BMO Capital Markets upped their target price on PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a report on Friday, January 19th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $54.00 target price on shares of PacWest Bancorp in a report on Tuesday, January 9th. Ten analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $55.18.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at $52.32 on Friday. The stock has a market capitalization of $6,560.58, a PE ratio of 17.80, a P/E/G ratio of 1.51 and a beta of 1.45. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. PacWest Bancorp has a one year low of $43.08 and a one year high of $57.08.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). The business had revenue of $289.75 million during the quarter, compared to analysts’ expectations of $297.74 million. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same period in the prior year, the company posted $0.71 earnings per share. analysts predict that PacWest Bancorp will post 3.46 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend was Friday, February 16th. PacWest Bancorp’s dividend payout ratio is currently 68.49%.
PacWest Bancorp announced that its Board of Directors has initiated a stock repurchase program on Thursday, November 16th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.98% of the stock is currently owned by corporate insiders.
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About PacWest Bancorp
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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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