Comerica Bank decreased its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 2.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 459,023 shares of the financial services provider’s stock after selling 12,706 shares during the period. Comerica Bank owned approximately 0.35% of PacWest Bancorp worth $22,156,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of PACW. Bank of New York Mellon Corp boosted its holdings in PacWest Bancorp by 4.4% during the third quarter. Bank of New York Mellon Corp now owns 1,912,174 shares of the financial services provider’s stock worth $96,585,000 after purchasing an additional 81,094 shares during the last quarter. CIBC Asset Management Inc acquired a new position in PacWest Bancorp during the third quarter worth $213,000. Cambiar Investors LLC boosted its holdings in PacWest Bancorp by 4.7% during the third quarter. Cambiar Investors LLC now owns 86,428 shares of the financial services provider’s stock worth $4,365,000 after purchasing an additional 3,913 shares during the last quarter. Sei Investments Co. boosted its holdings in PacWest Bancorp by 10.9% during the third quarter. Sei Investments Co. now owns 350,868 shares of the financial services provider’s stock worth $17,722,000 after purchasing an additional 34,537 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its holdings in PacWest Bancorp by 19.0% during the third quarter. BNP Paribas Arbitrage SA now owns 53,792 shares of the financial services provider’s stock worth $2,717,000 after purchasing an additional 8,570 shares during the last quarter. 82.93% of the stock is owned by institutional investors.
Shares of PacWest Bancorp (PACW) traded up $0.50 during mid-day trading on Tuesday, reaching $45.20. 1,273,400 shares of the company’s stock were exchanged, compared to its average volume of 817,539. The firm has a market capitalization of $5,790.00, a PE ratio of 15.05, a P/E/G ratio of 1.51 and a beta of 1.60. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a 12-month low of $43.08 and a 12-month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter last year, the company posted $0.77 earnings per share. research analysts expect that PacWest Bancorp will post 2.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date is Friday, November 17th. PacWest Bancorp’s dividend payout ratio is currently 67.57%.
In other news, CFO Patrick J. Rusnak purchased 2,000 shares of the business’s stock in a transaction on Thursday, October 19th. The stock was purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the purchase, the chief financial officer now directly owns 77,852 shares in the company, valued at approximately $3,652,815.84. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.98% of the company’s stock.
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Several brokerages recently commented on PACW. Raymond James Financial, Inc. cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a report on Wednesday, November 1st. UBS AG cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Piper Jaffray Companies restated a “buy” rating and set a $54.00 target price on shares of PacWest Bancorp in a report on Thursday, October 19th. Finally, BMO Capital Markets reduced their target price on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $53.00.
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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