Endeavour Capital Advisors Inc. increased its position in shares of PacWest Bancorp (NASDAQ:PACW) by 485.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,452 shares of the financial services provider’s stock after buying an additional 31,052 shares during the period. PacWest Bancorp accounts for 0.8% of Endeavour Capital Advisors Inc.’s holdings, making the stock its 25th biggest holding. Endeavour Capital Advisors Inc.’s holdings in PacWest Bancorp were worth $1,888,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in PACW. Steward Partners Investment Advisory LLC bought a new position in PacWest Bancorp during the third quarter worth $122,000. Cerebellum GP LLC bought a new stake in PacWest Bancorp in the fourth quarter valued at $135,000. Bessemer Group Inc. bought a new stake in PacWest Bancorp in the fourth quarter valued at $144,000. Calton & Associates Inc. bought a new stake in PacWest Bancorp in the fourth quarter valued at $200,000. Finally, CIBC Asset Management Inc bought a new stake in PacWest Bancorp in the third quarter valued at $213,000. 88.03% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on the stock. B. Riley reaffirmed a “neutral” rating and issued a $55.00 price target (up from $52.00) on shares of PacWest Bancorp in a research note on Monday, January 22nd. BidaskClub cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Zacks Investment Research upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Wednesday, January 24th. BMO Capital Markets lifted their price objective on shares of PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a report on Friday, January 19th. Finally, SunTrust Banks reiterated a “hold” rating and set a $54.00 price objective on shares of PacWest Bancorp in a report on Tuesday, January 9th. Ten investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $55.18.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a return on equity of 7.65% and a net margin of 30.12%. The firm had revenue of $289.75 million for the quarter, compared to analysts’ expectations of $297.74 million. During the same quarter last year, the firm posted $0.71 earnings per share. analysts predict that PacWest Bancorp will post 3.46 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Friday, February 16th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.49%.
PacWest Bancorp announced that its Board of Directors has approved a stock repurchase program on Thursday, November 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In related news, Director Daniel B. Platt sold 7,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $53.61, for a total transaction of $375,270.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.98% of the stock is currently owned by insiders.
PacWest Bancorp 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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