Neumeier Poma Investment Counsel LLC lifted its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 402,725 shares of the financial services provider’s stock after acquiring an additional 4,500 shares during the period. PacWest Bancorp accounts for approximately 2.2% of Neumeier Poma Investment Counsel LLC’s investment portfolio, making the stock its 27th biggest holding. Neumeier Poma Investment Counsel LLC owned approximately 0.34% of PacWest Bancorp worth $18,807,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of PacWest Bancorp by 3.1% during the 2nd quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock worth $632,700,000 after acquiring an additional 404,986 shares in the last quarter. Vanguard Group Inc. raised its position in shares of PacWest Bancorp by 6.3% during the 1st quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock worth $527,062,000 after acquiring an additional 583,193 shares in the last quarter. State Street Corp raised its position in shares of PacWest Bancorp by 3.7% during the 1st quarter. State Street Corp now owns 5,138,069 shares of the financial services provider’s stock worth $273,659,000 after acquiring an additional 184,578 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of PacWest Bancorp by 10.9% during the 2nd quarter. Wells Fargo & Company MN now owns 4,054,991 shares of the financial services provider’s stock worth $189,368,000 after acquiring an additional 396,934 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of PacWest Bancorp by 112.6% during the 2nd quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock worth $157,801,000 after acquiring an additional 1,789,571 shares in the last quarter. 90.18% of the stock is currently owned by institutional investors and hedge funds.
PacWest Bancorp (PACW) traded up 1.08% on Friday, reaching $45.68. The company had a trading volume of 957,347 shares. The stock has a 50 day moving average of $45.79 and a 200 day moving average of $48.81. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The firm has a market capitalization of $5.48 billion, a PE ratio of 15.77 and a beta of 1.59.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The firm had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. During the same quarter in the prior year, the firm posted $0.68 earnings per share. On average, analysts anticipate that PacWest Bancorp will post $2.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, August 21st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.38%. The ex-dividend date was Thursday, August 17th. PacWest Bancorp’s payout ratio is currently 68.97%.
Several equities research analysts have recently weighed in on PACW shares. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, June 8th. FBR & Co set a $55.00 target price on PacWest Bancorp and gave the stock a “buy” rating in a research report on Wednesday, July 19th. BidaskClub lowered PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Wedbush reissued a “neutral” rating and set a $49.00 target price on shares of PacWest Bancorp in a research report on Tuesday, June 27th. Finally, Raymond James Financial, Inc. cut their target price on PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and three have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $54.73.
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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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