Synovus Financial Corp boosted its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 5.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 153,397 shares of the financial services provider’s stock after purchasing an additional 7,778 shares during the period. Synovus Financial Corp’s holdings in PacWest Bancorp were worth $7,736,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in PacWest Bancorp during the third quarter valued at $122,000. Cerebellum GP LLC purchased a new position in PacWest Bancorp during the fourth quarter valued at $135,000. Bessemer Group Inc. purchased a new position in PacWest Bancorp during the fourth quarter valued at $144,000. Calton & Associates Inc. purchased a new position in PacWest Bancorp during the fourth quarter valued at $200,000. Finally, Raymond James Trust N.A. purchased a new position in PacWest Bancorp during the third quarter valued at $211,000. Institutional investors own 84.29% of the company’s stock.
In other news, Director Daniel B. Platt sold 7,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is owned by insiders.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. The business had revenue of $289.75 million during the quarter, compared to analysts’ expectations of $297.74 million. During the same quarter in the previous year, the firm earned $0.71 earnings per share. sell-side analysts predict that PacWest Bancorp will post 3.46 EPS for the current fiscal year.
PacWest Bancorp declared that its Board of Directors has approved a stock buyback plan on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.00 annualized dividend and a dividend yield of 3.68%. PacWest Bancorp’s payout ratio is 68.73%.
Several research firms recently weighed in on PACW. DA Davidson reiterated a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, January 19th. BidaskClub downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. SunTrust Banks reiterated a “hold” rating and set a $54.00 target price on shares of PacWest Bancorp in a research report on Tuesday, January 9th. UBS Group downgraded PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. Finally, B. Riley reiterated a “neutral” rating and set a $55.00 target price (up from $52.00) on shares of PacWest Bancorp in a research report on Monday, January 22nd. Ten analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $55.18.
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About PacWest Bancorp
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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