WESPAC Advisors LLC raised its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 61.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,390 shares of the financial services provider’s stock after purchasing an additional 13,031 shares during the quarter. WESPAC Advisors LLC’s holdings in PacWest Bancorp were worth $1,606,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PACW. BlackRock Inc. lifted its holdings in PacWest Bancorp by 8,223.2% during the first quarter. BlackRock Inc. now owns 13,143,190 shares of the financial services provider’s stock valued at $700,008,000 after purchasing an additional 12,985,280 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in PacWest Bancorp by 112.6% during 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 purchasing an additional 1,789,571 shares during the last quarter. Vanguard Group Inc. lifted its holdings in PacWest Bancorp by 6.3% during the first quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock valued at $527,062,000 after purchasing an additional 583,193 shares during the last quarter. Prudential Financial Inc. lifted its holdings in PacWest Bancorp by 233.1% during the second quarter. Prudential Financial Inc. now owns 605,314 shares of the financial services provider’s stock valued at $28,268,000 after purchasing an additional 423,590 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in PacWest Bancorp by 133.9% during the first quarter. Renaissance Technologies LLC now owns 425,653 shares of the financial services provider’s stock valued at $22,670,000 after purchasing an additional 243,700 shares during the last quarter. 90.18% of the stock is currently owned by institutional investors and hedge funds.

Shares of PacWest Bancorp (NASDAQ:PACW) traded up 0.55% during midday trading on Wednesday, hitting $43.92. The stock had a trading volume of 103,819 shares. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The firm has a market cap of $5.27 billion, a price-to-earnings ratio of 15.17 and a beta of 1.59. The stock’s 50 day moving average price is $46.68 and its 200 day moving average price is $49.30.

PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, beating the Zacks’ 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 firm had revenue of $277.76 million for the quarter, compared to analysts’ expectations of $272.57 million. During the same period in the previous year, the firm earned $0.68 EPS. On average, equities analysts forecast that PacWest Bancorp will post $2.95 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, August 21st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.58%. PacWest Bancorp’s payout ratio is currently 68.97%.

In other news, Director Craig A. Carlson sold 1,081 shares of PacWest Bancorp stock in a transaction dated 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 of the company’s stock, valued at approximately $295,834.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.98% of the stock is owned by insiders.

PACW has been the topic of several recent research reports. Zacks Investment Research downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, June 8th. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the company a “buy” rating in a report on Wednesday, July 19th. BidaskClub downgraded shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Wedbush reaffirmed a “neutral” rating and set a $49.00 price objective on shares of PacWest Bancorp in a report on Tuesday, June 27th. Finally, ValuEngine downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $54.27.

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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.

Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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