Nationwide Fund Advisors Has $8,719,000 Stake in PacWest Bancorp (PACW)
Nationwide Fund Advisors increased its position in PacWest Bancorp (NASDAQ:PACW) by 9.3% during the second quarter, Holdings Channel reports. The firm owned 219,191 shares of the financial services provider’s stock after buying an additional 18,638 shares during the period. Nationwide Fund Advisors owned about 0.18% of PacWest Bancorp worth $8,719,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Canada Pension Plan Investment Board raised its stake in shares of PacWest Bancorp by 3.4% in the first quarter. Canada Pension Plan Investment Board now owns 3,000 shares of the financial services provider’s stock worth $111,000 after buying an additional 100 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of PacWest Bancorp by 8.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,065 shares of the financial services provider’s stock worth $114,000 after buying an additional 238 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of PacWest Bancorp during the second quarter worth $156,000. Bbva Compass Bancshares Inc. acquired a new stake in shares of PacWest Bancorp during the second quarter worth $205,000. Finally, Chevy Chase Trust Holdings Inc. acquired a new stake in shares of PacWest Bancorp during the second quarter worth $209,000. 92.31% of the stock is currently owned by institutional investors and hedge funds.
PacWest Bancorp (NASDAQ:PACW) traded up 0.42% during midday trading on Tuesday, hitting $42.59. The company had a trading volume of 317,260 shares. The company has a market capitalization of $5.13 billion, a P/E ratio of 15.84 and a beta of 1.66. PacWest Bancorp has a 52 week low of $29.05 and a 52 week high of $48.00. The stock has a 50 day moving average price of $42.18 and a 200 day moving average price of $39.76.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Friday, July 15th. The financial services provider reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by $0.01. PacWest Bancorp had a net margin of 29.59% and a return on equity of 7.57%. During the same period in the prior year, the business earned $0.70 EPS. Equities analysts forecast that PacWest Bancorp will post $2.86 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Monday, August 15th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date was Thursday, August 11th. PacWest Bancorp’s payout ratio is presently 74.07%.
PACW has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated a “hold” rating on shares of PacWest Bancorp in a research report on Thursday, July 7th. FBR & Co reiterated an “outperform” rating and issued a $46.00 price objective (down from $48.00) on shares of PacWest Bancorp in a research report on Monday, July 18th. DA Davidson lowered PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Monday, July 18th. They noted that the move was a valuation call. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Finally, JMP Securities initiated coverage on PacWest Bancorp in a research report on Friday. They issued an “outperform” rating and a $48.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. PacWest Bancorp presently has a consensus rating of “Buy” and a consensus target price of $45.43.
In other PacWest Bancorp news, Director John M. Eggemeyer III sold 537,260 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $42.34, for a total transaction of $22,747,588.40. Following the sale, the director now directly owns 257,940 shares in the company, valued at $10,921,179.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kori Ogrosky sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $41.07, for a total value of $82,140.00. Following the sale, the executive vice president now owns 42,283 shares in the company, valued at $1,736,562.81. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
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