NWQ Investment Management Company LLC Reduces Position in PacWest Bancorp (PACW)
NWQ Investment Management Company LLC lessened its stake in PacWest Bancorp (NASDAQ:PACW) by 9.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,201,321 shares of the financial services provider’s stock after selling 130,450 shares during the period. NWQ Investment Management Company LLC owned about 0.93% of PacWest Bancorp worth $60,679,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. First Allied Advisory Services Inc. increased its holdings in PacWest Bancorp by 1.1% in the 2nd quarter. First Allied Advisory Services Inc. now owns 5,781 shares of the financial services provider’s stock valued at $269,000 after purchasing an additional 65 shares during the last quarter. Dowling & Yahnke LLC grew its stake in shares of PacWest Bancorp by 0.8% in the second quarter. Dowling & Yahnke LLC now owns 7,858 shares of the financial services provider’s stock worth $367,000 after acquiring an additional 65 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of PacWest Bancorp by 1.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,895 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 79 shares in the last quarter. Todd Asset Management LLC grew its stake in shares of PacWest Bancorp by 0.6% in the second quarter. Todd Asset Management LLC now owns 27,090 shares of the financial services provider’s stock worth $1,265,000 after acquiring an additional 157 shares in the last quarter. Finally, 1st Global Advisors Inc. grew its stake in shares of PacWest Bancorp by 3.4% in the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after acquiring an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.
Several equities analysts have commented on the stock. UBS downgraded shares of PacWest Bancorp from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, October 17th. FBR & Co downgraded shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $50.00 price target for the company. in a research note on Wednesday, October 18th. SunTrust Banks restated a “hold” rating and issued a $49.00 price target on shares of PacWest Bancorp in a research note on Thursday, October 12th. BidaskClub upgraded shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Finally, Raymond James Financial dropped their price target on shares of PacWest Bancorp from $59.00 to $55.00 and set a “strong-buy” rating for the company in a research note on Tuesday, August 22nd. One equities research 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’s stock. The company has an average rating of “Hold” and a consensus target price of $53.00.
Shares of PacWest Bancorp (NASDAQ PACW) opened at $47.52 on Wednesday. The stock has a market cap of $6,137.34, a price-to-earnings ratio of 16.03, a PEG ratio of 1.60 and a beta of 1.59. 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 quick ratio of 0.93 and a current ratio of 0.93.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million during the quarter, compared to analysts’ expectations of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same period in the previous year, the company earned $0.77 EPS. research analysts anticipate that PacWest Bancorp will post 2.97 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Monday, November 20th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, November 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.21%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 67.34%.
PacWest Bancorp announced that its board has initiated a stock buyback program on Thursday, November 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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.
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