Liberty Mutual Group Asset Management Inc. lifted its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 4.9% in the fourth quarter, Holdings Channel reports. The fund owned 32,877 shares of the financial services provider’s stock after acquiring an additional 1,523 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in PacWest Bancorp were worth $1,657,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of PACW. Public Employees Retirement System of Ohio increased its position in PacWest Bancorp by 0.9% in 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 buying an additional 408 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in PacWest Bancorp in the third quarter worth $273,000. TIAA FSB purchased a new stake in PacWest Bancorp in the third quarter worth $674,000. First Midwest Bank Trust Division increased its position in PacWest Bancorp by 7.5% in the third quarter. First Midwest Bank Trust Division now owns 21,851 shares of the financial services provider’s stock worth $1,104,000 after buying an additional 1,533 shares during the last quarter. Finally, Heartland Advisors Inc. increased its position in PacWest Bancorp by 1.9% in the third quarter. Heartland Advisors Inc. now owns 244,800 shares of the financial services provider’s stock worth $12,365,000 after buying an additional 4,600 shares during the last quarter. 84.29% of the stock is owned by institutional investors.
PACW has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, December 22nd. Zacks Investment Research raised PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Wednesday, January 24th. DA Davidson reissued a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, January 19th. SunTrust Banks reissued a “hold” rating and issued a $54.00 target price on shares of PacWest Bancorp in a research report on Tuesday, January 9th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a report on Wednesday, December 20th. Ten investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $55.18.
PacWest Bancorp (PACW) opened at $53.73 on Tuesday. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.90. The company has a market capitalization of $6,925.94, a price-to-earnings ratio of 18.35, a PEG ratio of 1.56 and a beta of 1.52.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. The company had revenue of $289.75 million during the quarter, compared to the consensus estimate of $297.74 million. During the same period in the previous year, the business earned $0.71 earnings per share. research analysts anticipate that PacWest Bancorp will post 3.46 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date is Friday, February 16th. PacWest Bancorp’s payout ratio is currently 68.49%.
PacWest Bancorp announced that its board has initiated a stock buyback plan on Thursday, November 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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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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