Citigroup Inc. Grows Holdings in PacWest Bancorp (PACW)

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Citigroup Inc. raised its stake in PacWest Bancorp (NASDAQ:PACW) by 110.4% during the 4th quarter, Holdings Channel reports. The firm owned 49,693 shares of the financial services provider’s stock after buying an additional 26,075 shares during the period. Citigroup Inc.’s holdings in PacWest Bancorp were worth $1,653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its holdings in shares of PacWest Bancorp by 11.0% during the third quarter. Commonwealth Equity Services LLC now owns 14,383 shares of the financial services provider’s stock worth $685,000 after buying an additional 1,424 shares during the last quarter. Systematic Financial Management LP grew its holdings in shares of PacWest Bancorp by 35.3% during the third quarter. Systematic Financial Management LP now owns 133,635 shares of the financial services provider’s stock worth $6,368,000 after buying an additional 34,885 shares during the last quarter. LSV Asset Management grew its holdings in shares of PacWest Bancorp by 18.4% during the third quarter. LSV Asset Management now owns 146,600 shares of the financial services provider’s stock worth $6,985,000 after buying an additional 22,800 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of PacWest Bancorp by 19.3% during the third quarter. JPMorgan Chase & Co. now owns 1,824,092 shares of the financial services provider’s stock worth $86,919,000 after buying an additional 294,694 shares during the last quarter. Finally, MML Investors Services LLC grew its holdings in shares of PacWest Bancorp by 73.8% during the third quarter. MML Investors Services LLC now owns 12,806 shares of the financial services provider’s stock worth $610,000 after buying an additional 5,438 shares during the last quarter. Hedge funds and other institutional investors own 90.70% of the company’s stock.

Shares of NASDAQ:PACW opened at $39.63 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $4.72 billion, a P/E ratio of 10.65, a PEG ratio of 1.03 and a beta of 1.55. PacWest Bancorp has a 52 week low of $31.16 and a 52 week high of $55.86.

PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 17th. The financial services provider reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.01. The firm had revenue of $295.29 million during the quarter, compared to the consensus estimate of $297.05 million. PacWest Bancorp had a net margin of 35.33% and a return on equity of 9.64%. During the same quarter last year, the firm earned $0.66 earnings per share. On average, sell-side analysts anticipate that PacWest Bancorp will post 3.78 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 28th. Investors of record on Wednesday, February 20th were given a $0.60 dividend. The ex-dividend date of this dividend was Tuesday, February 19th. This represents a $2.40 dividend on an annualized basis and a yield of 6.06%. PacWest Bancorp’s payout ratio is currently 64.52%.

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $50.00 to $45.00 in a report on Sunday, February 24th. Raymond James set a $48.00 price target on PacWest Bancorp and gave the stock a “buy” rating in a report on Tuesday, February 26th. TheStreet raised PacWest Bancorp from a “c+” rating to a “b-” rating in a report on Monday, February 25th. BMO Capital Markets raised their price target on PacWest Bancorp to $38.00 in a report on Tuesday, January 22nd. Finally, BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. PacWest Bancorp presently has an average rating of “Hold” and a consensus price target of $49.56.

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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.

See Also: Short Selling – Explanation For Shorting Stocks

Want to see what other hedge funds are holding PACW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PacWest Bancorp (NASDAQ:PACW).

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

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