UBS Asset Management Americas Inc. increased its position in PacWest Bancorp (NASDAQ:PACW) by 2.6% in the fourth quarter, Holdings Channel reports. The fund owned 107,461 shares of the financial services provider’s stock after buying an additional 2,684 shares during the period. UBS Asset Management Americas Inc.’s holdings in PacWest Bancorp were worth $5,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of PACW. Steward Partners Investment Advisory LLC purchased a new position in PacWest Bancorp in the 3rd quarter worth $122,000. Cerebellum GP LLC purchased a new position in PacWest Bancorp in the 4th quarter worth $135,000. Bessemer Group Inc. purchased a new position in PacWest Bancorp in the 4th quarter worth $144,000. Calton & Associates Inc. purchased a new position in PacWest Bancorp in the 4th quarter worth $200,000. Finally, CIBC Asset Management Inc purchased a new position in PacWest Bancorp in the 3rd quarter worth $213,000. Institutional investors own 88.03% of the company’s stock.
In other news, Director Daniel B. Platt sold 7,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.98% of the stock is owned by company insiders.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the 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 for the quarter, compared to analyst estimates of $297.74 million. During the same period in the prior year, the business posted $0.71 earnings per share. equities analysts anticipate that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
PacWest Bancorp announced that its board has approved a share buyback plan on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend was Friday, February 16th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.49%.
A number of brokerages recently issued reports on PACW. Zacks Investment Research lowered PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, February 8th. B. Riley restated a “neutral” rating and issued a $55.00 target price (up previously from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. BMO Capital Markets raised their target price on PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a research note on Friday, January 19th. Finally, DA Davidson reaffirmed a “buy” rating and set a $59.00 price target on shares of PacWest Bancorp in a research report on Friday, January 19th. Ten investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. PacWest Bancorp currently has a consensus rating of “Hold” and an average price target of $55.18.
PacWest Bancorp Company 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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