D.A. Davidson & CO. grew its position in shares of PacWest Bancorp (NASDAQ:PACW) by 3.4% during the fourth quarter, HoldingsChannel reports. The firm owned 55,154 shares of the financial services provider’s stock after acquiring an additional 1,793 shares during the quarter. D.A. Davidson & CO.’s holdings in PacWest Bancorp were worth $2,780,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. 1st Global Advisors Inc. lifted its stake in PacWest Bancorp by 3.4% during the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 169 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in PacWest Bancorp by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 44,781 shares of the financial services provider’s stock worth $2,091,000 after purchasing an additional 408 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its stake in PacWest Bancorp by 0.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 288,415 shares of the financial services provider’s stock worth $14,536,000 after purchasing an additional 1,023 shares in the last quarter. State Treasurer State of Michigan lifted its stake in PacWest Bancorp by 2.4% during the fourth quarter. State Treasurer State of Michigan now owns 46,300 shares of the financial services provider’s stock worth $2,334,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Brookstone Capital Management lifted its stake in PacWest Bancorp by 22.3% during the third quarter. Brookstone Capital Management now owns 7,000 shares of the financial services provider’s stock worth $354,000 after purchasing an additional 1,276 shares in the last quarter. Institutional investors own 82.27% of the company’s stock.
A number of research analysts have commented on PACW shares. BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, February 8th. BMO Capital Markets restated a “hold” rating and set a $49.00 price target on shares of PacWest Bancorp in a research note on Wednesday, December 20th. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, January 24th. B. Riley restated a “hold” rating and set a $50.00 price target on shares of PacWest Bancorp in a research note on Monday, December 11th. Finally, Raymond James Financial cut PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price target on the stock. in a research note on Wednesday, November 1st. Ten research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $55.18.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). The company had revenue of $289.75 million during the quarter, compared to analyst estimates of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same quarter in the previous year, the business posted $0.71 earnings per share. analysts anticipate that PacWest Bancorp will post 3.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Friday, February 16th. PacWest Bancorp’s payout ratio is currently 68.73%.
PacWest Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other news, Director Daniel B. Platt sold 7,000 shares of the stock in a transaction on 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 legal filing with the SEC, which is available through this hyperlink. 0.98% of the stock is currently owned by company 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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