OppenheimerFunds Inc. lifted its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 522.3% during the second quarter, HoldingsChannel.com reports. The firm owned 42,592 shares of the financial services provider’s stock after purchasing an additional 35,748 shares during the period. OppenheimerFunds Inc.’s holdings in PacWest Bancorp were worth $2,105,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of PACW. Oregon Public Employees Retirement Fund lifted its holdings in PacWest Bancorp by 2.9% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 50,246 shares of the financial services provider’s stock valued at $2,483,000 after purchasing an additional 1,411 shares in the last quarter. Renaissance Technologies LLC purchased a new position in PacWest Bancorp in the 2nd quarter valued at about $6,656,000. BlueMountain Capital Management LLC lifted its holdings in PacWest Bancorp by 19,874.2% in the 2nd quarter. BlueMountain Capital Management LLC now owns 12,384 shares of the financial services provider’s stock valued at $612,000 after purchasing an additional 12,322 shares in the last quarter. Signet Financial Management LLC purchased a new position in PacWest Bancorp in the 2nd quarter valued at about $651,000. Finally, Envestnet Asset Management Inc. lifted its holdings in PacWest Bancorp by 222.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 32,497 shares of the financial services provider’s stock valued at $1,605,000 after purchasing an additional 22,417 shares in the last quarter. 87.42% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have issued reports on PACW. BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, September 15th. Stephens restated a “buy” rating and issued a $58.00 target price on shares of PacWest Bancorp in a report on Wednesday, September 12th. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 4th. Sandler O’Neill restated a “buy” rating and issued a $58.00 target price on shares of PacWest Bancorp in a report on Friday, July 20th. Finally, Wedbush restated a “neutral” rating on shares of PacWest Bancorp in a report on Monday, July 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. PacWest Bancorp currently has an average rating of “Buy” and an average target price of $55.82.
In related news, Director Tanya M. Acker acquired 1,000 shares of the business’s stock in a transaction dated Friday, September 14th. The shares were acquired at an average cost of $50.26 per share, for a total transaction of $50,260.00. Following the acquisition, the director now directly owns 3,900 shares in the company, valued at approximately $196,014. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.01% of the company’s stock.
Shares of PACW stock opened at $50.75 on Monday. The stock has a market cap of $6.21 billion, a PE ratio of 17.38, a P/E/G ratio of 1.36 and a beta of 1.40. PacWest Bancorp has a 1-year low of $43.61 and a 1-year high of $55.86. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.95 and a current ratio of 0.95.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.05. The business had revenue of $301.97 million for the quarter, compared to analyst estimates of $293.62 million. PacWest Bancorp had a net margin of 33.41% and a return on equity of 8.70%. During the same period in the prior year, the firm posted $0.77 EPS. analysts forecast that PacWest Bancorp will post 3.72 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Monday, August 20th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, August 17th. This represents a $2.40 annualized dividend and a dividend yield of 4.73%. PacWest Bancorp’s payout ratio is currently 82.19%.
About PacWest Bancorp
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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