Municipal Employees Retirement System of Michigan reduced its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 21.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,310 shares of the financial services provider’s stock after selling 9,960 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in PacWest Bancorp were worth $1,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the stock. CIBC Asset Management Inc acquired a new position in PacWest Bancorp during the 3rd quarter valued at about $213,000. Cambiar Investors LLC increased its position in PacWest Bancorp by 4.7% during the 3rd quarter. Cambiar Investors LLC now owns 86,428 shares of the financial services provider’s stock valued at $4,365,000 after buying an additional 3,913 shares in the last quarter. Sei Investments Co. increased its position in PacWest Bancorp by 10.9% during the 3rd quarter. Sei Investments Co. now owns 350,868 shares of the financial services provider’s stock valued at $17,722,000 after buying an additional 34,537 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in PacWest Bancorp by 19.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 53,792 shares of the financial services provider’s stock valued at $2,717,000 after buying an additional 8,570 shares in the last quarter. Finally, FDx Advisors Inc. acquired a new position in PacWest Bancorp during the 3rd quarter valued at about $347,000. 82.93% of the stock is currently owned by institutional investors.
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PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. The business had revenue of $273.07 million during the quarter, compared to analyst estimates of $281.14 million. During the same period last year, the business posted $0.77 earnings per share. equities research analysts predict that PacWest Bancorp will post 2.96 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Monday, November 20th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.49%. PacWest Bancorp’s dividend payout ratio is currently 67.34%.
Several research analysts recently issued reports on PACW shares. FBR & Co set a $55.00 target price on PacWest Bancorp and gave the company a “buy” rating in a research report on Wednesday, July 19th. BidaskClub lowered PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Raymond James Financial, Inc. lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a report on Wednesday, November 1st. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. Finally, SunTrust Banks, Inc. reissued a “hold” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a report on Thursday, October 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $53.00.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 19th. The stock was purchased at an average cost of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the acquisition, the chief financial officer now owns 77,852 shares in the company, valued at approximately $3,652,815.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.98% of the company’s stock.
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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