California Public Employees Retirement System grew its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 247,663 shares of the financial services provider’s stock after purchasing an additional 8,202 shares during the period. California Public Employees Retirement System owned approximately 0.19% of PacWest Bancorp worth $12,509,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new position in PacWest Bancorp during the 2nd quarter worth approximately $1,742,000. Synovus Financial Corp increased its position in PacWest Bancorp by 9.3% during the 2nd quarter. Synovus Financial Corp now owns 142,042 shares of the financial services provider’s stock worth $6,641,000 after purchasing an additional 12,055 shares during the period. JPMorgan Chase & Co. increased its position in PacWest Bancorp by 4.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,283,555 shares of the financial services provider’s stock worth $59,942,000 after purchasing an additional 59,603 shares during the period. Heartland Advisors Inc. increased its position in PacWest Bancorp by 20.1% during the 2nd quarter. Heartland Advisors Inc. now owns 240,200 shares of the financial services provider’s stock worth $11,217,000 after purchasing an additional 40,200 shares during the period. Finally, Capital Fund Management S.A. increased its position in PacWest Bancorp by 1,514.0% during the 2nd quarter. Capital Fund Management S.A. now owns 119,115 shares of the financial services provider’s stock worth $5,563,000 after purchasing an additional 111,735 shares during the period. Institutional investors own 82.37% of the company’s stock.
PACW has been the topic of several recent analyst reports. Raymond James Financial cut PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, October 17th. Piper Jaffray Companies restated a “buy” rating and issued a $54.00 price target on shares of PacWest Bancorp in a report on Thursday, October 19th. UBS Group cut PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Finally, BMO Capital Markets lowered their price target on PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a report on Thursday, October 19th. Ten investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. PacWest Bancorp has a consensus rating of “Hold” and an average price target of $53.18.
PacWest Bancorp (NASDAQ:PACW) last announced its 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 for the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same quarter in the prior year, the firm earned $0.77 EPS. equities research analysts forecast that PacWest Bancorp will post 3 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Monday, November 20th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend was Friday, November 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 67.57%.
PacWest Bancorp announced that its Board of Directors has approved a share repurchase plan on Thursday, November 16th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction on Thursday, October 19th. The shares were purchased at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the acquisition, the chief financial officer now owns 77,852 shares in the company, valued at $3,652,815.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.98% of the stock is currently owned by corporate insiders.
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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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