Brookstone Capital Management Buys New Stake in PacWest Bancorp (PACW)
Brookstone Capital Management bought a new position in PacWest Bancorp (NASDAQ:PACW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 5,724 shares of the financial services provider’s stock, valued at approximately $267,000.
Other large investors also recently added to or reduced their stakes in the company. Creative Planning increased its stake in PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock worth $189,000 after buying an additional 1,719 shares during the last quarter. Capstone Asset Management Co. increased its stake in PacWest Bancorp by 5.2% in the first quarter. Capstone Asset Management Co. now owns 9,078 shares of the financial services provider’s stock worth $483,000 after buying an additional 450 shares during the last quarter. Oakbrook Investments LLC bought a new stake in PacWest Bancorp during the first quarter worth about $229,000. Nationwide Fund Advisors increased its stake in PacWest Bancorp by 0.7% in the first quarter. Nationwide Fund Advisors now owns 224,539 shares of the financial services provider’s stock worth $11,959,000 after buying an additional 1,524 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in PacWest Bancorp by 1.8% in the first quarter. Russell Investments Group Ltd. now owns 533,759 shares of the financial services provider’s stock worth $28,429,000 after buying an additional 9,392 shares during the last quarter. Institutional investors own 90.19% of the company’s stock.
PacWest Bancorp (NASDAQ PACW) opened at 45.43 on Tuesday. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 15.69 and a beta of 1.58. The stock’s 50 day moving average is $46.93 and its 200 day moving average is $49.89. PacWest Bancorp has a 52 week low of $41.10 and a 52 week high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The business had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. During the same period last year, the business earned $0.68 EPS. Equities research analysts expect that PacWest Bancorp will post $2.95 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, August 21st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend is Thursday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.97%.
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PACW has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $55.00 target price on shares of PacWest Bancorp in a research report on Thursday, May 18th. BMO Capital Markets reiterated a “hold” rating and issued a $55.00 target price on shares of PacWest Bancorp in a research report on Friday, May 26th. ValuEngine downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, June 8th. Finally, BidaskClub downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company’s stock. PacWest Bancorp currently has an average rating of “Buy” and an average target price of $54.27.
In other PacWest Bancorp news, Director Craig A. Carlson sold 1,081 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total transaction of $50,979.96. Following the transaction, the director now directly owns 6,273 shares in the company, valued at approximately $295,834.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.98% of the stock is currently owned by company insiders.
PacWest Bancorp Company Profile
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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