Richard Bernstein Advisors LLC held its stake in PacWest Bancorp (NASDAQ:PACW) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,756 shares of the financial services provider’s stock at the end of the first quarter. Richard Bernstein Advisors LLC’s holdings in PacWest Bancorp were worth $2,011,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors boosted its stake in PacWest Bancorp by 16.5% in the third quarter. Capital World Investors now owns 8,031,589 shares of the financial services provider’s stock worth $344,635,000 after buying an additional 1,140,000 shares during the period. FMR LLC boosted its stake in PacWest Bancorp by 17.1% in the fourth quarter. FMR LLC now owns 5,151,820 shares of the financial services provider’s stock worth $280,465,000 after buying an additional 752,242 shares during the period. State Street Corp boosted its stake in PacWest Bancorp by 12.9% in the fourth quarter. State Street Corp now owns 4,953,491 shares of the financial services provider’s stock worth $269,670,000 after buying an additional 566,004 shares during the period. Wells Fargo & Company MN boosted its stake in PacWest Bancorp by 0.7% in the first quarter. Wells Fargo & Company MN now owns 3,658,057 shares of the financial services provider’s stock worth $194,829,000 after buying an additional 25,431 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in PacWest Bancorp by 2.0% in the first quarter. Ameriprise Financial Inc. now owns 2,986,712 shares of the financial services provider’s stock worth $159,034,000 after buying an additional 57,964 shares during the period. 88.71% of the stock is currently owned by institutional investors and hedge funds.
Shares of PacWest Bancorp (NASDAQ:PACW) traded down 1.06% during trading on Friday, reaching $48.33. 2,751,457 shares of the company traded hands. PacWest Bancorp has a 12 month low of $35.56 and a 12 month high of $57.53. The stock has a market cap of $5.72 billion, a P/E ratio of 17.26 and a beta of 1.56. 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 issued its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ 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 for the quarter, compared to the consensus estimate of $272.30 million. During the same quarter last year, the business earned $0.74 earnings per share. On average, equities research analysts expect that PacWest Bancorp will post $2.84 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Monday, May 22nd were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $2.00 dividend on an annualized basis and a yield of 4.14%. PacWest Bancorp’s payout ratio is currently 71.17%.
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PACW has been the topic of several research analyst reports. Raymond James Financial, Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a research note on Thursday, April 6th. FBR & Co restated an “outperform” rating and set a $55.00 price objective (down previously from $62.00) on shares of PacWest Bancorp in a research report on Monday, April 17th. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, June 8th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $56.00 target price on shares of PacWest Bancorp in a report on Monday, April 3rd. Finally, Stephens upgraded shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $55.20.
In other PacWest Bancorp news, CFO Patrick J. Rusnak bought 2,000 shares of the stock in a transaction on Wednesday, April 19th. The stock was acquired at an average cost of $47.75 per share, for a total transaction of $95,500.00. Following the completion of the acquisition, the chief financial officer now owns 81,349 shares in the company, valued at approximately $3,884,414.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Craig A. Carlson sold 1,081 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total value of $50,979.96. Following the completion of the sale, the director now owns 6,273 shares of the company’s stock, valued at $295,834.68. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 4,572 shares of company stock valued at $218,398. 0.98% of the stock is currently owned by corporate insiders.
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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