PacWest Bancorp (PACW) Shares Bought by Aureus Asset Management LLC
Aureus Asset Management LLC grew its stake in PacWest Bancorp (NASDAQ:PACW) by 3.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,033 shares of the financial services provider’s stock after purchasing an additional 410 shares during the quarter. Aureus Asset Management LLC’s holdings in PacWest Bancorp were worth $515,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of PacWest Bancorp by 3.1% in the second quarter. BlackRock Inc. now owns 13,548,176 shares of the financial services provider’s stock valued at $632,700,000 after purchasing an additional 404,986 shares during the period. Vanguard Group Inc. grew its position in shares of PacWest Bancorp by 1.4% in the second quarter. Vanguard Group Inc. now owns 10,032,383 shares of the financial services provider’s stock valued at $468,512,000 after purchasing an additional 136,352 shares during the period. State Street Corp grew its position in shares of PacWest Bancorp by 3.7% in the first quarter. State Street Corp now owns 5,138,069 shares of the financial services provider’s stock valued at $273,659,000 after purchasing an additional 184,578 shares during the period. Wells Fargo & Company MN grew its position in shares of PacWest Bancorp by 10.9% in the second quarter. Wells Fargo & Company MN now owns 4,054,991 shares of the financial services provider’s stock valued at $189,368,000 after purchasing an additional 396,934 shares during the period. Finally, Principal Financial Group Inc. grew its position 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 purchasing an additional 1,789,571 shares during the period. Institutional investors and hedge funds own 88.75% of the company’s stock.
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PACW has been the topic of several research analyst reports. FBR & Co set a $55.00 target price on shares of PacWest Bancorp and gave the company a “buy” rating in a research report on Wednesday, July 19th. Stephens reiterated a “buy” rating and issued a $56.00 target price on shares of PacWest Bancorp in a research report on Friday, July 14th. ValuEngine upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. DA Davidson upgraded shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Thursday, September 7th. Finally, Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $54.73.
PacWest Bancorp (NASDAQ PACW) traded down 0.69% during trading on Thursday, reaching $50.07. 250,716 shares of the company were exchanged. The stock has a 50 day moving average price of $45.74 and a 200 day moving average price of $48.57. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The firm has a market capitalization of $6.01 billion, a PE ratio of 17.29 and a beta of 1.59.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, beating the Zacks’ 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. On average, analysts expect that PacWest Bancorp will post $2.95 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, August 21st were paid a $0.50 dividend. The ex-dividend date was Thursday, August 17th. This represents a $2.00 dividend on an annualized basis and a yield of 3.97%. PacWest Bancorp’s payout ratio is 68.97%.
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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