NBW Capital LLC lessened its position in PacWest Bancorp (NASDAQ:PACW) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 64,610 shares of the financial services provider’s stock after selling 1,322 shares during the quarter. NBW Capital LLC owned approximately 0.05% of PacWest Bancorp worth $3,256,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Public Employees Retirement Association of Colorado increased its holdings in PacWest Bancorp by 0.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 288,415 shares of the financial services provider’s stock worth $14,536,000 after purchasing an additional 1,023 shares during the period. Suntrust Banks Inc. increased its holdings in shares of PacWest Bancorp by 1.9% in the 4th quarter. Suntrust Banks Inc. now owns 54,746 shares of the financial services provider’s stock valued at $2,758,000 after acquiring an additional 1,024 shares during the last quarter. State Treasurer State of Michigan increased its holdings in shares of PacWest Bancorp by 2.4% in the 4th quarter. State Treasurer State of Michigan now owns 46,300 shares of the financial services provider’s stock valued at $2,334,000 after acquiring an additional 1,100 shares during the last quarter. OppenheimerFunds Inc. increased its holdings in shares of PacWest Bancorp by 3.1% in the 4th quarter. OppenheimerFunds Inc. now owns 42,243 shares of the financial services provider’s stock valued at $2,129,000 after acquiring an additional 1,268 shares during the last quarter. Finally, TD Asset Management Inc. increased its holdings in shares of PacWest Bancorp by 5.7% in the 3rd quarter. TD Asset Management Inc. now owns 25,820 shares of the financial services provider’s stock valued at $1,304,000 after acquiring an additional 1,400 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.
In related news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.98% of the stock is owned by corporate insiders.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). The firm had revenue of $289.75 million during the quarter, compared to analyst estimates of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same period last year, the company earned $0.71 earnings per share. research analysts anticipate that PacWest Bancorp will post 3.46 earnings per share for the current year.
PacWest Bancorp announced that its board has authorized a share repurchase program on Thursday, November 16th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.70%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.49%.
PACW has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a report on Friday, December 22nd. BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. DA Davidson reiterated a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a report on Friday, January 19th. BMO Capital Markets reiterated a “hold” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a report on Wednesday, December 20th. Finally, Zacks Investment Research downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. PacWest Bancorp currently has a consensus rating of “Hold” and a consensus target price of $55.18.
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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