Great Lakes Advisors LLC cut its holdings in PacWest Bancorp (NASDAQ:PACW) by 31.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 192,044 shares of the financial services provider’s stock after selling 86,487 shares during the period. Great Lakes Advisors LLC’s holdings in PacWest Bancorp were worth $9,151,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the stock. BlackRock Inc. boosted its holdings in PacWest Bancorp by 0.9% in the third quarter. BlackRock Inc. now owns 13,509,977 shares of the financial services provider’s stock worth $643,751,000 after purchasing an additional 123,234 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PacWest Bancorp by 0.3% in the third quarter. Vanguard Group Inc. now owns 11,475,220 shares of the financial services provider’s stock worth $546,794,000 after purchasing an additional 33,069 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in PacWest Bancorp by 0.5% in the second quarter. Wells Fargo & Company MN now owns 4,572,333 shares of the financial services provider’s stock worth $225,965,000 after purchasing an additional 20,625 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in PacWest Bancorp by 10.6% in the third quarter. Janus Henderson Group PLC now owns 3,677,017 shares of the financial services provider’s stock worth $175,210,000 after purchasing an additional 353,342 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in PacWest Bancorp by 0.9% during the third quarter. Dimensional Fund Advisors LP now owns 3,257,774 shares of the financial services provider’s stock valued at $155,234,000 after acquiring an additional 29,983 shares during the period. Hedge funds and other institutional investors own 89.69% of the company’s stock.
A number of equities research analysts have issued reports on the stock. BidaskClub cut 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 set a $58.00 price target on shares of PacWest Bancorp in a report on Wednesday, September 12th. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 4th. ValuEngine upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, Wells Fargo & Co set a $51.00 price target on shares of PacWest Bancorp and gave the company a “hold” rating in a report on Tuesday, October 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $54.89.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. The company had revenue of $297.23 million during the quarter, compared to analysts’ expectations of $301.52 million. PacWest Bancorp had a net margin of 33.60% and a return on equity of 8.95%. During the same period in the prior year, the company earned $0.84 earnings per share. As a group, equities analysts anticipate that PacWest Bancorp will post 3.7 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Tuesday, November 20th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.96%. The ex-dividend date was Monday, November 19th. PacWest Bancorp’s dividend payout ratio is currently 82.19%.
In related news, CEO Matthew P. Wagner acquired 20,925 shares of the business’s stock in a transaction dated Monday, October 29th. The stock was acquired at an average price of $39.01 per share, with a total value of $816,284.25. Following the completion of the transaction, the chief executive officer now owns 530,552 shares of the company’s stock, valued at $20,696,833.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Pieczynski acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, November 28th. The shares were bought at an average cost of $39.72 per share, with a total value of $397,200.00. Following the transaction, the insider now directly owns 47,497 shares of the company’s stock, valued at approximately $1,886,580.84. The disclosure for this purchase can be found here. Insiders have bought 41,925 shares of company stock valued at $1,676,044 in the last ninety days. 1.01% of the stock is owned by company insiders.
PacWest Bancorp Company Profile
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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