Forest Hill Capital LLC increased its position in PacWest Bancorp (NASDAQ:PACW) by 10.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 122,287 shares of the financial services provider’s stock after purchasing an additional 11,500 shares during the quarter. PacWest Bancorp makes up 1.7% of Forest Hill Capital LLC’s portfolio, making the stock its 26th biggest position. Forest Hill Capital LLC owned 0.09% of PacWest Bancorp worth $6,163,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in PACW. Captrust Financial Advisors acquired a new position in shares of PacWest Bancorp during the 4th quarter worth about $111,000. Steward Partners Investment Advisory LLC acquired a new position in shares of PacWest Bancorp during the 3rd quarter worth about $122,000. Cerebellum GP LLC acquired a new position in shares of PacWest Bancorp during the 4th quarter worth about $135,000. Bessemer Group Inc. acquired a new position in shares of PacWest Bancorp during the 4th quarter worth about $144,000. Finally, Calton & Associates Inc. acquired a new position in shares of PacWest Bancorp during the 4th quarter worth about $200,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.
Several equities analysts have recently issued reports on PACW shares. Zacks Investment Research upgraded PacWest Bancorp from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Wednesday, January 24th. DA Davidson restated a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, January 19th. Keefe, Bruyette & Woods restated a “buy” rating and set a $59.00 target price on shares of PacWest Bancorp in a research report on Friday, December 22nd. BMO Capital Markets restated a “hold” rating and set a $49.00 target price on shares of PacWest Bancorp in a research report on Wednesday, December 20th. Finally, BidaskClub upgraded PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Ten investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given 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 (NASDAQ:PACW) last released its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.08). PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. The business had revenue of $289.75 million for the quarter, compared to the consensus estimate of $297.74 million. During the same quarter last year, the firm earned $0.71 EPS. analysts forecast that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend was Friday, February 16th. PacWest Bancorp’s payout ratio is 68.49%.
PacWest Bancorp announced that its board has approved a stock buyback plan on Thursday, November 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.98% of the company’s stock.
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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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