NWQ Investment Management Company LLC trimmed its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 4.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,148,332 shares of the financial services provider’s stock after selling 52,989 shares during the period. NWQ Investment Management Company LLC owned approximately 0.89% of PacWest Bancorp worth $57,876,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Crestline Management LP boosted its stake in shares of PacWest Bancorp by 1,500.0% in the 3rd quarter. Crestline Management LP now owns 96,000 shares of the financial services provider’s stock worth $4,849,000 after buying an additional 90,000 shares during the last quarter. Keeley Teton Advisors LLC purchased a new position in shares of PacWest Bancorp in the 3rd quarter worth $4,071,000. Neumeier Poma Investment Counsel LLC boosted its stake in shares of PacWest Bancorp by 35.8% in the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 547,025 shares of the financial services provider’s stock worth $27,630,000 after buying an additional 144,300 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of PacWest Bancorp by 6.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 770,735 shares of the financial services provider’s stock worth $38,930,000 after buying an additional 47,616 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of PacWest Bancorp by 3.4% in the 3rd quarter. California Public Employees Retirement System now owns 247,663 shares of the financial services provider’s stock worth $12,509,000 after buying an additional 8,202 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at $54.12 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $6,807.10, a PE ratio of 18.53, a price-to-earnings-growth ratio of 1.57 and a beta of 1.45. PacWest Bancorp has a twelve month low of $43.08 and a twelve month high of $57.08.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a yield of 3.70%. PacWest Bancorp’s dividend payout ratio is presently 68.49%.
PacWest Bancorp announced that its board has approved a share buyback plan on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of research firms have recently issued reports on PACW. B. Riley restated 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 downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Wednesday, January 24th. BMO Capital Markets raised their price target on PacWest Bancorp to $56.00 and gave the stock a “market perform” rating in a research note on Friday, January 19th. Finally, SunTrust Banks restated a “hold” rating and issued a $54.00 price target on shares of PacWest Bancorp in a research note on Tuesday, January 9th. Ten research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $55.18.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The stock was 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 this link. 0.98% of the stock is owned by company insiders.
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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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