Eagle Boston Investment Management Inc. lifted its position in shares of PacWest Bancorp (NASDAQ:PACW) by 7.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 197,770 shares of the financial services provider’s stock after purchasing an additional 13,661 shares during the quarter. Eagle Boston Investment Management Inc.’s holdings in PacWest Bancorp were worth $9,970,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. 1st Global Advisors Inc. raised its position in shares of PacWest Bancorp by 3.4% during the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 169 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of PacWest Bancorp by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 44,781 shares of the financial services provider’s stock worth $2,091,000 after purchasing an additional 408 shares during the period. Public Employees Retirement Association of Colorado raised its position in shares of PacWest Bancorp by 0.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 288,415 shares of the financial services provider’s stock worth $14,536,000 after purchasing an additional 1,023 shares during the period. State Treasurer State of Michigan raised its position in shares of PacWest Bancorp by 2.4% during the fourth quarter. State Treasurer State of Michigan now owns 46,300 shares of the financial services provider’s stock worth $2,334,000 after purchasing an additional 1,100 shares during the period. Finally, Brookstone Capital Management raised its position in shares of PacWest Bancorp by 22.3% during the third quarter. Brookstone Capital Management now owns 7,000 shares of the financial services provider’s stock worth $354,000 after purchasing an additional 1,276 shares during the period. 82.27% of the stock is currently owned by institutional investors.
A number of research firms recently commented on PACW. Zacks Investment Research lowered PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday. B. Riley reissued a “neutral” rating and issued a $55.00 price target (up from $52.00) on shares of PacWest Bancorp in a research report on Monday, January 22nd. BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. BMO Capital Markets increased their price target on PacWest Bancorp to $56.00 and gave the company a “market perform” rating in a research report on Friday, January 19th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $54.00 price target on shares of PacWest Bancorp in a research report on Thursday, October 19th. Ten analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $55.18.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). The business had revenue of $289.75 million during the quarter, compared to the consensus estimate of $297.74 million. PacWest Bancorp had a net margin of 30.12% and a return on equity of 7.65%. During the same quarter last year, the company earned $0.71 EPS. equities analysts anticipate that PacWest Bancorp will post 3.46 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.00 dividend on an annualized basis and a yield of 3.70%. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.49%.
PacWest Bancorp declared that its Board of Directors has initiated a share repurchase plan on Thursday, November 16th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other PacWest Bancorp news, Director Daniel B. Platt sold 7,000 shares of the company’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $53.61, for a total value of $375,270.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.98% of the stock is owned by corporate insiders.
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PacWest Bancorp Company 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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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