TD Asset Management Inc. raised its position in shares of PacWest Bancorp (NASDAQ:PACW) by 5.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,820 shares of the financial services provider’s stock after buying an additional 1,400 shares during the quarter. TD Asset Management Inc.’s holdings in PacWest Bancorp were worth $1,304,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Allied Advisory Services Inc. lifted its stake in shares of PacWest Bancorp by 1.1% during the 2nd quarter. First Allied Advisory Services Inc. now owns 5,781 shares of the financial services provider’s stock worth $269,000 after acquiring an additional 65 shares during the last quarter. Dowling & Yahnke LLC lifted its stake in shares of PacWest Bancorp by 0.8% during the 2nd quarter. Dowling & Yahnke LLC now owns 7,858 shares of the financial services provider’s stock worth $367,000 after acquiring an additional 65 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of PacWest Bancorp by 1.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 79 shares during the last quarter. Todd Asset Management LLC lifted its stake in shares of PacWest Bancorp by 0.6% during the 2nd quarter. Todd Asset Management LLC now owns 27,090 shares of the financial services provider’s stock worth $1,265,000 after acquiring an additional 157 shares during the last quarter. Finally, 1st Global Advisors Inc. lifted its stake in shares of PacWest Bancorp by 3.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after acquiring an additional 169 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.
In other PacWest Bancorp news, CFO Patrick J. Rusnak bought 2,000 shares of the company’s stock in a transaction that occurred 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 purchase, the chief financial officer now directly owns 77,852 shares in the company, valued at $3,652,815.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.98% of the stock is owned by insiders.
PacWest Bancorp (PACW) opened at $48.59 on Tuesday. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The stock has a market capitalization of $6,101.24, a price-to-earnings ratio of 15.93, a PEG ratio of 1.60 and a beta of 1.59. 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 quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ 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 the consensus estimate of $281.14 million. During the same period last year, the business posted $0.77 EPS. sell-side analysts anticipate that PacWest Bancorp will post 2.97 earnings per share for the current fiscal year.
PacWest Bancorp declared that its Board of Directors has authorized a stock buyback program on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Monday, November 20th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, November 17th. This represents a $2.00 annualized dividend and a yield of 4.12%. PacWest Bancorp’s dividend payout ratio (DPR) is 67.34%.
A number of equities research analysts have weighed in on PACW shares. Raymond James Financial lowered PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $54.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 19th. UBS lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Finally, BMO Capital Markets decreased their target price on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. 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 issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.00.
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PacWest Bancorp 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 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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