Ffcm LLC increased its stake in PacWest Bancorp (NASDAQ:PACW) by 172.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 2,394 shares of the financial services provider’s stock after buying an additional 1,516 shares during the quarter. Ffcm LLC’s holdings in PacWest Bancorp were worth $114,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of PACW. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in PacWest Bancorp by 12.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 468 shares during the period. Creative Planning increased its position in shares of PacWest Bancorp by 17.3% during the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after buying an additional 613 shares during the period. Koch Industries Inc. bought a new stake in shares of PacWest Bancorp during the first quarter valued at about $231,000. First Interstate Bank increased its position in shares of PacWest Bancorp by 10.4% during 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 period. Finally, Two Sigma Securities LLC bought a new stake in shares of PacWest Bancorp during the first quarter valued at about $237,000. 90.18% of the stock is currently owned by institutional investors.
Several analysts have issued reports on PACW shares. DA Davidson raised PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Thursday, September 7th. SunTrust Banks, Inc. initiated coverage on PacWest Bancorp in a research note on Friday, August 18th. They issued a “hold” rating and a $49.00 target price for the company. BidaskClub raised PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. ValuEngine downgraded PacWest Bancorp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Zacks Investment Research downgraded PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, June 8th. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $54.17.
PacWest Bancorp (NASDAQ PACW) traded up 0.15% during mid-day trading on Friday, reaching $45.26. The company’s stock had a trading volume of 117,618 shares. The firm’s 50 day moving average is $45.86 and its 200-day moving average is $48.89. The company has a market cap of $5.43 billion, a PE ratio of 15.63 and a beta of 1.59. PacWest Bancorp has a 12-month low of $41.10 and a 12-month high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The company had revenue of $277.76 million during the quarter, compared to the consensus estimate of $272.57 million. During the same period in the previous year, the firm posted $0.68 EPS. Equities analysts anticipate that PacWest Bancorp will post $2.95 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, August 21st were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.43%. PacWest Bancorp’s payout ratio is currently 68.97%.
PacWest Bancorp 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 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.
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