Charter Trust Co. Increases Position in PacWest Bancorp (PACW)

Charter Trust Co. increased its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,757 shares of the financial services provider’s stock after buying an additional 38 shares during the period. Charter Trust Co.’s holdings in PacWest Bancorp were worth $222,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of PACW. Creative Planning increased its position in shares of PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock valued at $189,000 after buying an additional 1,719 shares during the last quarter. Oakbrook Investments LLC bought a new position in shares of PacWest Bancorp during the first quarter valued at approximately $229,000. Koch Industries Inc. bought a new position in shares of PacWest Bancorp during the first quarter valued at approximately $231,000. First Interstate Bank increased its position in shares of PacWest Bancorp by 10.4% in the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock valued at $232,000 after buying an additional 410 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new position in shares of PacWest Bancorp during the first quarter valued at approximately $237,000. 88.26% of the stock is owned by institutional investors and hedge funds.

Shares of PacWest Bancorp (NASDAQ:PACW) opened at 46.50 on Thursday. The firm has a 50-day moving average of $47.51 and a 200-day moving average of $52.07. PacWest Bancorp has a 12-month low of $39.21 and a 12-month high of $57.53. The firm has a market capitalization of $5.50 billion, a PE ratio of 16.61 and a beta of 1.58.

PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by $0.07. PacWest Bancorp had a return on equity of 7.52% and a net margin of 30.38%. The company had revenue of $267.57 million during the quarter, compared to the consensus estimate of $272.30 million. During the same quarter last year, the company posted $0.74 earnings per share. Equities analysts anticipate that PacWest Bancorp will post $2.83 earnings per share for the current year.

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Several equities analysts have recently issued reports on PACW shares. Zacks Investment Research downgraded shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 11th. BMO Capital Markets reaffirmed a “hold” rating and set a $55.00 price target on shares of PacWest Bancorp in a research note on Friday, May 26th. Piper Jaffray Companies raised their price target on shares of PacWest Bancorp from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Tuesday, April 11th. ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $55.00 price target on shares of PacWest Bancorp in a research note on Tuesday, April 18th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $54.64.

In other news, CEO Matthew P. Wagner acquired 2,072 shares of the business’s stock in a transaction that occurred on Wednesday, April 19th. The shares were bought at an average cost of $47.75 per share, with a total value of $98,938.00. Following the transaction, the chief executive officer now owns 528,934 shares of the company’s stock, valued at approximately $25,256,598.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig A. Carlson sold 1,081 shares of the stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $47.16, for a total transaction of $50,979.96. Following the sale, the director now directly owns 6,273 shares in the company, valued at $295,834.68. The disclosure for this sale can be found here. Insiders acquired a total of 4,572 shares of company stock valued at $218,398 over the last 90 days. Company insiders own 0.98% of the company’s stock.

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 December 31, 2016, the Bank offered a range of loan and deposit products and services through 77 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.

Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

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