Heartland Advisors Inc. Has $11.22 Million Stake in PacWest Bancorp (PACW)
Heartland Advisors Inc. increased its stake in PacWest Bancorp (NASDAQ:PACW) by 20.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 240,200 shares of the financial services provider’s stock after buying an additional 40,200 shares during the period. Heartland Advisors Inc. owned approximately 0.20% of PacWest Bancorp worth $11,217,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of PacWest Bancorp by 112.6% in the second quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after buying an additional 1,789,571 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of PacWest Bancorp by 12.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after buying an additional 468 shares during the last quarter. Brookstone Capital Management bought a new stake in shares of PacWest Bancorp during the second quarter valued at $267,000. Pacer Advisors Inc. increased its stake in shares of PacWest Bancorp by 11.4% in the second quarter. Pacer Advisors Inc. now owns 16,713 shares of the financial services provider’s stock valued at $780,000 after buying an additional 1,715 shares during the last quarter. Finally, Utah Retirement Systems increased its stake in shares of PacWest Bancorp by 1.9% in the second quarter. Utah Retirement Systems now owns 22,000 shares of the financial services provider’s stock valued at $1,027,000 after buying an additional 400 shares during the last quarter. 90.19% of the stock is owned by institutional investors.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 45.15 on Friday. The firm has a market cap of $5.42 billion, a PE ratio of 15.59 and a beta of 1.58. PacWest Bancorp has a 52 week low of $41.10 and a 52 week high of $57.53. The firm’s 50-day moving average price is $46.79 and its 200 day moving average price is $49.61.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.06. The company had revenue of $277.76 million for the quarter, compared to the consensus estimate of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same period last year, the business posted $0.68 earnings per share. Equities analysts anticipate that PacWest Bancorp will post $2.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, August 21st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Thursday, August 17th. PacWest Bancorp’s dividend payout ratio is currently 68.97%.
Several brokerages have recently weighed in on PACW. BidaskClub raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Raymond James Financial, Inc. decreased their target price on PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating for the company in a research report on Tuesday, August 22nd. SunTrust Banks, Inc. began coverage on PacWest Bancorp in a research report on Friday, August 18th. They issued a “hold” rating and a $49.00 target price 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 target on PacWest Bancorp and gave the company a “buy” rating in a report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the stock. PacWest Bancorp presently has an average rating of “Buy” and a consensus price target of $54.27.
In other news, Director Craig A. Carlson sold 1,081 shares of the firm’s stock in a transaction dated 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 directly owns 6,273 shares of the company’s stock, valued at $295,834.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company 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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