FDx Advisors Inc. Buys New Holdings in PacWest Bancorp (PACW)
FDx Advisors Inc. bought a new stake in PacWest Bancorp (NASDAQ:PACW) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,869 shares of the financial services provider’s stock, valued at approximately $347,000.
Several other large investors have also made changes to their positions in PACW. Janus Henderson Group PLC purchased a new stake in shares of PacWest Bancorp in the second quarter valued at about $108,636,000. Principal Financial Group Inc. raised its holdings 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. Koch Industries Inc. raised its holdings in shares of PacWest Bancorp by 30,853.3% in the second quarter. Koch Industries Inc. now owns 1,341,514 shares of the financial services provider’s stock valued at $1,313,000 after buying an additional 1,337,180 shares during the last quarter. State Street Corp raised its holdings in shares of PacWest Bancorp by 15.0% in the second quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after buying an additional 771,015 shares during the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of PacWest Bancorp by 86.1% in the third quarter. Prudential Financial Inc. now owns 1,126,641 shares of the financial services provider’s stock valued at $56,907,000 after buying an additional 521,327 shares during the last quarter. 82.93% of the stock is owned by institutional investors and hedge funds.
PacWest Bancorp (NASDAQ PACW) opened at $45.70 on Tuesday. PacWest Bancorp has a 1-year low of $43.08 and a 1-year high of $57.53. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $5,822.74, a PE ratio of 15.20, a price-to-earnings-growth ratio of 1.52 and a beta of 1.60.
PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The company had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. During the same period last year, the company posted $0.77 earnings per share. equities research analysts anticipate that PacWest Bancorp will post 2.96 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be issued a $0.50 dividend. The ex-dividend date is Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.38%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 67.34%.
PacWest Bancorp announced that its board has approved 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 purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
PACW has been the subject of a number of research reports. FBR & Co cut shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 target price for the company. in a report on Wednesday, October 18th. BidaskClub cut shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Raymond James Financial, Inc. cut shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a report on Wednesday, November 1st. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 20th. Finally, SunTrust Banks, Inc. reissued a “hold” rating and set a $49.00 price target on shares of PacWest Bancorp in a report on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $53.00.
In other PacWest Bancorp news, CFO Patrick J. Rusnak purchased 2,000 shares of the stock in a transaction dated Thursday, October 19th. The shares were acquired at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The purchase was disclosed in a filing with the SEC, which is available at this link. 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 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.
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