PacWest Bancorp (PACW) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its holdings in PacWest Bancorp (NASDAQ:PACW) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,538 shares of the financial services provider’s stock after selling 1,996 shares during the period. Envestnet Asset Management Inc.’s holdings in PacWest Bancorp were worth $2,044,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Public Employees Retirement Association of Colorado boosted its stake in shares of PacWest Bancorp by 0.4% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 288,415 shares of the financial services provider’s stock worth $14,536,000 after buying an additional 1,023 shares during the last quarter. Suntrust Banks Inc. boosted its stake in shares of PacWest Bancorp by 1.9% in the 4th quarter. Suntrust Banks Inc. now owns 54,746 shares of the financial services provider’s stock worth $2,758,000 after buying an additional 1,024 shares during the last quarter. State Treasurer State of Michigan boosted its stake in shares of PacWest Bancorp by 2.4% in the 4th quarter. State Treasurer State of Michigan now owns 46,300 shares of the financial services provider’s stock worth $2,334,000 after buying an additional 1,100 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in shares of PacWest Bancorp by 3.1% in the 4th quarter. OppenheimerFunds Inc. now owns 42,243 shares of the financial services provider’s stock worth $2,129,000 after buying an additional 1,268 shares during the last quarter. Finally, TD Asset Management Inc. boosted its stake in shares of PacWest Bancorp by 5.7% in the 3rd quarter. TD Asset Management Inc. now owns 25,820 shares of the financial services provider’s stock worth $1,304,000 after buying an additional 1,400 shares during the last quarter. Hedge funds and other institutional investors own 88.04% of the company’s stock.

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NASDAQ:PACW opened at $47.71 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $5,971.10, a P/E ratio of 16.34, a P/E/G ratio of 1.37 and a beta of 1.45. PacWest Bancorp has a 12 month low of $43.08 and a 12 month high of $54.86.

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 analysts’ consensus estimates of $0.74 by ($0.08). The company had revenue of $289.75 million during the quarter, compared to the consensus estimate of $297.74 million. PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. During the same period last year, the firm posted $0.71 EPS. sell-side analysts expect that PacWest Bancorp will post 3.47 EPS for the current year.

PacWest Bancorp announced that its Board of Directors has initiated a share repurchase plan on Friday, February 16th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Daniel B. Platt sold 7,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $53.61, for a total value of $375,270.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.98% of the company’s stock.

A number of equities analysts have recently weighed in on PACW shares. Keefe, Bruyette & Woods restated a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research note on Friday, December 22nd. BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. DA Davidson restated a “buy” rating and issued a $59.00 target price on shares of PacWest Bancorp in a research note on Friday, January 19th. BMO Capital Markets restated a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research note on Wednesday, December 20th. Finally, ValuEngine downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, March 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. PacWest Bancorp has an average rating of “Hold” and a consensus price target of $54.73.

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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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Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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