Great Lakes Advisors LLC Raises Stake in PacWest Bancorp (PACW)
Great Lakes Advisors LLC boosted its stake in PacWest Bancorp (NASDAQ:PACW) by 17.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 201,334 shares of the financial services provider’s stock after buying an additional 29,810 shares during the period. Great Lakes Advisors LLC owned 0.17% of PacWest Bancorp worth $9,402,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in PacWest Bancorp by 11.5% in the second quarter. Victory Capital Management Inc. now owns 1,619,976 shares of the financial services provider’s stock valued at $75,653,000 after buying an additional 167,575 shares during the last quarter. Cadence Capital Management LLC boosted its stake in PacWest Bancorp by 4.4% in the second quarter. Cadence Capital Management LLC now owns 18,964 shares of the financial services provider’s stock valued at $886,000 after buying an additional 799 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in PacWest Bancorp by 3.0% in the second quarter. State Board of Administration of Florida Retirement System now owns 128,848 shares of the financial services provider’s stock valued at $6,017,000 after buying an additional 3,788 shares during the last quarter. Marshall Wace North America L.P. boosted its stake in PacWest Bancorp by 737.3% in the second quarter. Marshall Wace North America L.P. now owns 97,966 shares of the financial services provider’s stock valued at $4,605,000 after buying an additional 86,266 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in PacWest Bancorp by 70.7% in the second quarter. BNP Paribas Arbitrage SA now owns 45,222 shares of the financial services provider’s stock valued at $2,112,000 after buying an additional 18,736 shares during the last quarter. 88.07% of the stock is owned by institutional investors and hedge funds.
Shares of PacWest Bancorp (NASDAQ PACW) traded up 0.26% during midday trading on Friday, reaching $45.85. The company had a trading volume of 93,579 shares. The company has a 50 day moving average of $46.96 and a 200 day moving average of $49.95. PacWest Bancorp has a one year low of $41.10 and a one year high of $57.53. The company has a market capitalization of $5.50 billion, a PE ratio of 15.83 and a beta of 1.58.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. The firm had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. During the same period in the prior year, the company earned $0.68 EPS. Analysts predict that PacWest Bancorp will post $2.95 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, August 21st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Thursday, August 17th. PacWest Bancorp’s dividend payout ratio is 68.97%.
Several analysts recently weighed in on the company. BidaskClub raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday. Raymond James Financial, Inc. dropped their price objective on PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating for the company in a report on Tuesday. SunTrust Banks, Inc. assumed coverage on PacWest Bancorp in a report on Friday, August 18th. They issued a “hold” rating and a $49.00 price objective for the company. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. Finally, FBR & Co set a $55.00 price objective on PacWest Bancorp and gave the company a “buy” rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $54.27.
In other news, Director Craig A. Carlson sold 1,081 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $47.16, for a total transaction of $50,979.96. Following the sale, the director now directly owns 6,273 shares in the company, valued at approximately $295,834.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.98% of the stock is currently owned by corporate 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. 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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