Dupont Capital Management Corp grew its position in PacWest Bancorp (NASDAQ:PACW) by 263.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,750 shares of the financial services provider’s stock after purchasing an additional 24,452 shares during the period. Dupont Capital Management Corp’s holdings in PacWest Bancorp were worth $665,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its stake in shares of PacWest Bancorp by 2.0% in the 1st quarter. Wells Fargo & Company MN now owns 5,033,548 shares of the financial services provider’s stock valued at $90,201,000 after purchasing an additional 96,896 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of PacWest Bancorp by 49.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,721,300 shares of the financial services provider’s stock valued at $30,845,000 after purchasing an additional 567,849 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of PacWest Bancorp by 8.8% in the 1st quarter. Geode Capital Management LLC now owns 1,620,770 shares of the financial services provider’s stock valued at $29,377,000 after purchasing an additional 130,412 shares in the last quarter. Norges Bank acquired a new position in shares of PacWest Bancorp in the 4th quarter valued at about $47,458,000. Finally, Victory Capital Management Inc. lifted its stake in shares of PacWest Bancorp by 7.3% in the 1st quarter. Victory Capital Management Inc. now owns 944,896 shares of the financial services provider’s stock valued at $16,933,000 after purchasing an additional 64,123 shares in the last quarter. 81.75% of the stock is currently owned by institutional investors and hedge funds.
PACW has been the topic of several recent research reports. Wedbush reduced their price target on PacWest Bancorp from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 22nd. BidaskClub lowered PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 8th. ValuEngine raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, May 1st. JMP Securities reduced their price target on PacWest Bancorp from $38.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Thursday, April 23rd. Finally, Royal Bank of Canada reduced their price target on PacWest Bancorp from $23.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 22nd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. PacWest Bancorp presently has an average rating of “Hold” and an average price target of $27.50.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Thursday, July 16th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.10). PacWest Bancorp had a negative net margin of 90.52% and a positive return on equity of 7.15%. The business had revenue of $295.15 million during the quarter, compared to analyst estimates of $277.27 million. During the same period in the previous year, the company earned $0.92 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts expect that PacWest Bancorp will post 2.1 earnings per share for the current fiscal year.
About PacWest Bancorp
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.
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