Credit Agricole S A Acquires New Position in PacWest Bancorp (PACW)
Credit Agricole S A acquired a new position in shares of PacWest Bancorp (NASDAQ:PACW) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 15,509 shares of the financial services provider’s stock, valued at approximately $826,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its stake in PacWest Bancorp by 3.0% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 124,431 shares of the financial services provider’s stock valued at $6,774,000 after buying an additional 3,583 shares during the period. Brown Advisory Inc. raised its stake in PacWest Bancorp by 4.1% in the fourth quarter. Brown Advisory Inc. now owns 11,316 shares of the financial services provider’s stock valued at $616,000 after buying an additional 442 shares during the period. Renaissance Technologies LLC bought a new stake in PacWest Bancorp during the fourth quarter valued at approximately $9,906,000. Flinton Capital Management LLC bought a new stake in PacWest Bancorp during the fourth quarter valued at approximately $200,000. Finally, GSA Capital Partners LLP raised its stake in PacWest Bancorp by 280.2% in the fourth quarter. GSA Capital Partners LLP now owns 23,959 shares of the financial services provider’s stock valued at $1,304,000 after buying an additional 17,658 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.
PacWest Bancorp (NASDAQ:PACW) opened at 46.11 on Tuesday. PacWest Bancorp has a 12 month low of $35.56 and a 12 month high of $57.53. The firm’s 50-day moving average price is $48.31 and its 200-day moving average price is $52.46. The stock has a market cap of $5.46 billion, a P/E ratio of 16.47 and a beta of 1.56.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by $0.07. The firm had revenue of $267.57 million for the quarter, compared to analyst estimates of $272.30 million. PacWest Bancorp had a return on equity of 7.52% and a net margin of 30.38%. During the same quarter in the previous year, the company earned $0.74 earnings per share. On average, analysts predict that PacWest Bancorp will post $2.85 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Monday, May 22nd were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, May 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.34%. PacWest Bancorp’s payout ratio is 71.17%.
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Several analysts recently commented on PACW shares. Raymond James Financial, Inc. raised PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a report on Thursday, April 6th. FBR & Co reaffirmed an “outperform” rating and set a $55.00 target price (down from $62.00) on shares of PacWest Bancorp in a report on Monday, April 17th. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, June 8th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $56.00 target price on shares of PacWest Bancorp in a report on Monday, April 3rd. Finally, Stephens raised PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $55.20.
In other news, CEO Matthew P. Wagner acquired 2,072 shares of the company’s stock in a transaction dated Wednesday, April 19th. The stock was acquired at an average cost of $47.75 per share, for a total transaction of $98,938.00. Following the acquisition, the chief executive officer now directly owns 528,934 shares in the company, valued at approximately $25,256,598.50. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig A. Carlson sold 1,081 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total value of $50,979.96. Following the sale, the director now owns 6,273 shares of the company’s stock, valued at $295,834.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 4,572 shares of company stock valued at $218,398. Insiders own 0.98% of the company’s stock.
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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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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