Northern Trust Corp cut its position in shares of PacWest Bancorp (NASDAQ:PACW) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 987,478 shares of the financial services provider’s stock after selling 9,474 shares during the period. Northern Trust Corp owned approximately 0.81% of PacWest Bancorp worth $48,802,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake in shares of PacWest Bancorp by 0.5% during the 2nd quarter. Wells Fargo & Company MN now owns 4,572,333 shares of the financial services provider’s stock worth $225,965,000 after purchasing an additional 20,625 shares during the period. Janus Henderson Group PLC boosted its stake in shares of PacWest Bancorp by 3.7% during the 2nd quarter. Janus Henderson Group PLC now owns 3,323,675 shares of the financial services provider’s stock worth $164,256,000 after purchasing an additional 119,919 shares during the period. Dimensional Fund Advisors LP boosted its position in PacWest Bancorp by 2.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,227,791 shares of the financial services provider’s stock valued at $159,526,000 after buying an additional 71,944 shares during the period. Victory Capital Management Inc. boosted its position in PacWest Bancorp by 2.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,360,134 shares of the financial services provider’s stock valued at $67,218,000 after buying an additional 33,372 shares during the period. Finally, Raymond James & Associates boosted its position in PacWest Bancorp by 186.2% in the 2nd quarter. Raymond James & Associates now owns 1,167,557 shares of the financial services provider’s stock valued at $57,701,000 after buying an additional 759,615 shares during the period. 87.42% of the stock is owned by hedge funds and other institutional investors.
In other PacWest Bancorp news, Director Tanya M. Acker purchased 1,000 shares of PacWest Bancorp stock in a transaction dated Friday, September 14th. The stock was acquired at an average price of $50.26 per share, for a total transaction of $50,260.00. Following the acquisition, the director now owns 3,900 shares in the company, valued at approximately $196,014. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.01% of the company’s stock.
PacWest Bancorp stock opened at $44.89 on Friday. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.28 and a beta of 1.41. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.95 and a quick ratio of 0.95. PacWest Bancorp has a 1 year low of $43.61 and a 1 year high of $55.86.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.87 by $0.05. PacWest Bancorp had a net margin of 33.41% and a return on equity of 8.70%. The business had revenue of $301.97 million during the quarter, compared to analyst estimates of $293.62 million. During the same quarter in the previous year, the business posted $0.77 EPS. As a group, research analysts expect that PacWest Bancorp will post 3.72 earnings per share for the current fiscal year.
Several equities research analysts have issued reports on the stock. Zacks Investment Research cut shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th. BidaskClub cut shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 3rd. Sandler O’Neill reissued a “buy” rating and issued a $59.00 price objective on shares of PacWest Bancorp in a research report on Monday, June 25th. Wedbush reissued a “neutral” rating on shares of PacWest Bancorp in a research report on Monday, July 16th. Finally, ValuEngine raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $55.42.
PacWest Bancorp Company Profile
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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