Great Lakes Advisors LLC Sells 39,008 Shares of PacWest Bancorp (PACW)
Great Lakes Advisors LLC lowered its stake in PacWest Bancorp (NASDAQ:PACW) by 23.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 130,495 shares of the financial services provider’s stock after selling 39,008 shares during the period. Great Lakes Advisors LLC owned approximately 0.11% of PacWest Bancorp worth $5,600,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the company. Mycio Wealth Partners LLC boosted its stake in shares of PacWest Bancorp by 50.1% in the second quarter. Mycio Wealth Partners LLC now owns 3,595 shares of the financial services provider’s stock valued at $143,000 after buying an additional 1,200 shares during the period. Channing Capital Management LLC boosted its stake in shares of PacWest Bancorp by 3.8% in the second quarter. Channing Capital Management LLC now owns 1,742,423 shares of the financial services provider’s stock valued at $69,314,000 after buying an additional 64,051 shares during the period. Gradient Investments LLC boosted its stake in shares of PacWest Bancorp by 5.6% in the third quarter. Gradient Investments LLC now owns 117,817 shares of the financial services provider’s stock valued at $5,056,000 after buying an additional 6,259 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of PacWest Bancorp by 164.2% in the second quarter. BNP Paribas Arbitrage SA now owns 66,787 shares of the financial services provider’s stock valued at $2,657,000 after buying an additional 41,512 shares during the period. Finally, Private Asset Management Inc. boosted its stake in shares of PacWest Bancorp by 2.9% in the third quarter. Private Asset Management Inc. now owns 94,915 shares of the financial services provider’s stock valued at $4,073,000 after buying an additional 2,685 shares during the period. 89.95% of the stock is currently owned by institutional investors and hedge funds.
PacWest Bancorp (NASDAQ:PACW) traded down 0.08% during mid-day trading on Wednesday, reaching $51.26. The company’s stock had a trading volume of 1,105,712 shares. PacWest Bancorp has a 12-month low of $29.05 and a 12-month high of $52.18. The firm’s 50 day moving average price is $45.41 and its 200 day moving average price is $42.22. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 18.39 and a beta of 1.46.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.80% and a net margin of 30.41%. During the same period last year, the company earned $0.63 EPS. On average, equities analysts predict that PacWest Bancorp will post $2.90 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Thursday, November 10th. PacWest Bancorp’s dividend payout ratio is presently 71.68%.
TRADEMARK VIOLATION WARNING: This piece was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this piece on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark law. The original version of this piece can be viewed at https://www.thecerbatgem.com/2016/11/30/great-lakes-advisors-llc-sells-39008-shares-of-pacwest-bancorp-pacw.html.
PACW has been the topic of several recent research reports. Zacks Investment Research upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Wells Fargo & Co. lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 4th. They noted that the move was a valuation call. Finally, JMP Securities initiated coverage on PacWest Bancorp in a report on Friday, September 16th. They set an “outperform” rating and a $48.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $45.00.
In other news, EVP Christopher D. Blake sold 10,000 shares of PacWest Bancorp stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $51.00, for a total value of $510,000.00. Following the sale, the executive vice president now directly owns 53,997 shares of the company’s stock, valued at $2,753,847. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark A. Christian sold 7,000 shares of the business’s stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $41.61, for a total value of $291,270.00. Following the transaction, the executive vice president now directly owns 22,451 shares in the company, valued at approximately $934,186.11. The disclosure for this sale can be found here. 1.43% of the stock is owned by insiders.
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
Receive News & Stock Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related stocks with our FREE daily email newsletter.