Advisor Group Inc. reduced its position in PacWest Bancorp (NASDAQ:PACW) by 9.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,683 shares of the financial services provider’s stock after selling 565 shares during the period. Advisor Group Inc.’s holdings in PacWest Bancorp were worth $213,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Charter Trust Co. lifted its holdings in shares of PacWest Bancorp by 0.8% in the 2nd quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock worth $222,000 after purchasing an additional 38 shares in the last quarter. Dowling & Yahnke LLC lifted its holdings in shares of PacWest Bancorp by 0.8% in the 2nd quarter. Dowling & Yahnke LLC now owns 7,858 shares of the financial services provider’s stock worth $367,000 after purchasing an additional 65 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of PacWest Bancorp by 1.0% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 79 shares in the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of PacWest Bancorp by 0.5% in the 1st quarter. Tudor Investment Corp ET AL now owns 20,370 shares of the financial services provider’s stock worth $1,085,000 after purchasing an additional 101 shares in the last quarter. Finally, Todd Asset Management LLC lifted its holdings in shares of PacWest Bancorp by 0.6% in the 2nd quarter. Todd Asset Management LLC now owns 27,090 shares of the financial services provider’s stock worth $1,265,000 after purchasing an additional 157 shares in the last quarter. Institutional investors own 88.75% of the company’s stock.
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PACW has been the topic of a number of recent research reports. Raymond James Financial, Inc. cut PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a report on Tuesday. BidaskClub cut PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. FBR & Co set a $55.00 price objective on PacWest Bancorp and gave the company a “buy” rating in a research note on Wednesday, July 19th. Finally, Wedbush restated a “neutral” rating and set a $49.00 price objective on shares of PacWest Bancorp in a research note on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $54.50.
PacWest Bancorp (NASDAQ PACW) opened at 46.62 on Wednesday. The company has a market capitalization of $5.60 billion, a PE ratio of 16.10 and a beta of 1.62. The firm’s 50-day moving average price is $47.26 and its 200 day moving average price is $47.95. PacWest Bancorp has a 52 week low of $41.10 and a 52 week high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Monday, October 16th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same period in the previous year, the company earned $0.77 EPS. Equities research analysts expect that PacWest Bancorp will post $2.93 earnings per share for the current fiscal year.
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 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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