Kennedy Capital Management Inc. cut its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 54.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 304,391 shares of the financial services provider’s stock after selling 357,052 shares during the period. Kennedy Capital Management Inc. owned 0.25% of PacWest Bancorp worth $16,212,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Waratah Capital Advisors Ltd. purchased a new stake in shares of PacWest Bancorp during the fourth quarter valued at about $568,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of PacWest Bancorp during the fourth quarter valued at about $548,000. Iberiabank Corp purchased a new stake in shares of PacWest Bancorp during the fourth quarter valued at about $2,878,000. Brown Advisory Inc. increased its stake in shares of PacWest Bancorp by 4.1% in the fourth quarter. Brown Advisory Inc. now owns 11,316 shares of the financial services provider’s stock valued at $616,000 after buying an additional 442 shares during the period. Finally, Elkfork Partners LLC bought a new stake in shares of PacWest Bancorp during the fourth quarter valued at about $426,000. Institutional investors and hedge funds own 88.70% of the company’s stock.
PacWest Bancorp (NASDAQ PACW) traded up 0.60% during midday trading on Monday, hitting $48.62. 620,520 shares of the stock traded hands. The stock has a market capitalization of $5.75 billion, a P/E ratio of 17.36 and a beta of 1.56. PacWest Bancorp has a 52 week low of $35.56 and a 52 week high of $57.53. The stock’s 50-day moving average price is $48.40 and its 200-day moving average price is $52.50.
PacWest Bancorp (NASDAQ:PACW) last announced its earnings results on Monday, April 17th. The financial services provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by $0.07. PacWest Bancorp had a net margin of 30.38% and a return on equity of 7.52%. The firm had revenue of $267.57 million during the quarter, compared to analysts’ expectations of $272.30 million. During the same period in the prior year, the company posted $0.74 EPS. Equities research analysts expect that PacWest Bancorp will post $2.85 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Monday, May 22nd were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Thursday, May 18th. PacWest Bancorp’s payout ratio is presently 71.17%.
PACW has been the subject of several research reports. Zacks Investment Research upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, March 23rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $56.00 price objective on shares of PacWest Bancorp in a research note on Monday, April 3rd. Raymond James Financial, Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research note on Thursday, April 6th. Citigroup Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, April 6th. Finally, Piper Jaffray Companies boosted their target price on shares of PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $55.20.
In other news, Director Craig A. Carlson sold 1,081 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $47.16, for a total value of $50,979.96. Following the transaction, the director now directly owns 6,273 shares in the company, valued at $295,834.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew P. Wagner bought 2,072 shares of the company’s stock in a transaction on Wednesday, April 19th. The shares were acquired at an average price of $47.75 per share, for a total transaction of $98,938.00. Following the completion of the acquisition, the chief executive officer now owns 528,934 shares in the company, valued at $25,256,598.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 4,572 shares of company stock worth $218,398. 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.
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