10,888 Shares in PacWest Bancorp (PACW) Purchased by Crossmark Global Holdings Inc.
Crossmark Global Holdings Inc. purchased a new stake in PacWest Bancorp (NASDAQ:PACW) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 10,888 shares of the financial services provider’s stock, valued at approximately $550,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in PACW. Teachers Advisors LLC lifted its position in PacWest Bancorp by 11.9% in the first quarter. Teachers Advisors LLC now owns 185,592 shares of the financial services provider’s stock valued at $9,885,000 after acquiring an additional 19,674 shares during the last quarter. Capstone Asset Management Co. lifted its position in PacWest Bancorp by 10.0% in the second quarter. Capstone Asset Management Co. now owns 9,988 shares of the financial services provider’s stock valued at $466,000 after acquiring an additional 910 shares during the last quarter. Bank of Montreal Can lifted its position in PacWest Bancorp by 22.4% in the second quarter. Bank of Montreal Can now owns 11,856 shares of the financial services provider’s stock valued at $553,000 after acquiring an additional 2,170 shares during the last quarter. Creative Planning lifted its position in PacWest Bancorp by 17.3% in the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 613 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in PacWest Bancorp by 4.3% in the second quarter. Oregon Public Employees Retirement Fund now owns 44,411 shares of the financial services provider’s stock valued at $2,074,000 after acquiring an additional 1,840 shares during the last quarter. 82.93% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on the stock. SunTrust Banks, Inc. assumed coverage on shares of PacWest Bancorp in a research note on Friday, August 18th. They issued a “hold” rating and a $49.00 price objective on the stock. Raymond James Financial, Inc. lowered shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Piper Jaffray Companies restated a “buy” rating and issued a $54.00 price objective on shares of PacWest Bancorp in a research note on Thursday, October 19th. Finally, BMO Capital Markets dropped their price objective on shares of PacWest Bancorp from $49.00 to $48.00 and set a “market perform” rating on the stock in a research note on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $53.00.
TRADEMARK VIOLATION WARNING: “10,888 Shares in PacWest Bancorp (PACW) Purchased by Crossmark Global Holdings Inc.” was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this report on another site, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this report can be viewed at https://www.thecerbatgem.com/2017/11/19/10888-shares-in-pacwest-bancorp-pacw-purchased-by-crossmark-global-holdings-inc.html.
In other PacWest Bancorp news, CFO Patrick J. Rusnak purchased 2,000 shares of PacWest Bancorp stock in a transaction on Thursday, October 19th. The shares were bought at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the acquisition, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.98% of the stock is currently owned by insiders.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at $45.16 on Friday. The company has a market cap of $5,822.75, a PE ratio of 15.21, a P/E/G ratio of 1.52 and a beta of 1.60. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $273.07 million for the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter in the previous year, the firm earned $0.77 earnings per share. analysts forecast that PacWest Bancorp will post 2.96 EPS for the current year.
PacWest Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Monday, November 20th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Friday, November 17th. PacWest Bancorp’s dividend payout ratio is currently 67.34%.
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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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.
Receive News & Stock Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related stocks with our FREE daily email newsletter.