PacWest Bancorp (PACW) Position Cut by Folger Hill Asset Management LP
Folger Hill Asset Management LP lowered its position in shares of PacWest Bancorp (NASDAQ:PACW) by 54.6% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 61,135 shares of the financial services provider’s stock after selling 73,605 shares during the period. Folger Hill Asset Management LP owned 0.05% of PacWest Bancorp worth $3,328,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in PACW. BlackRock Investment Management LLC boosted its stake in PacWest Bancorp by 4.2% in the third quarter. BlackRock Investment Management LLC now owns 429,917 shares of the financial services provider’s stock worth $18,448,000 after buying an additional 17,385 shares in the last quarter. Mycio Wealth Partners LLC boosted its stake in PacWest Bancorp by 50.1% in the second quarter. Mycio Wealth Partners LLC now owns 3,595 shares of the financial services provider’s stock worth $143,000 after buying an additional 1,200 shares in the last quarter. Nuveen Fund Advisors LLC boosted its stake in PacWest Bancorp by 12.1% in the third quarter. Nuveen Fund Advisors LLC now owns 23,107 shares of the financial services provider’s stock worth $992,000 after buying an additional 2,494 shares in the last quarter. Bahl & Gaynor Inc. boosted its stake in PacWest Bancorp by 9.6% in the third quarter. Bahl & Gaynor Inc. now owns 88,123 shares of the financial services provider’s stock worth $3,782,000 after buying an additional 7,721 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in PacWest Bancorp during the fourth quarter worth $28,526,000. 88.33% of the stock is owned by hedge funds and other institutional investors.
PacWest Bancorp (NASDAQ:PACW) traded down 1.17% on Thursday, hitting $55.93. The stock had a trading volume of 469,103 shares. The company has a market capitalization of $6.71 billion, a PE ratio of 19.31 and a beta of 1.51. The company has a 50 day moving average of $55.01 and a 200 day moving average of $47.92. PacWest Bancorp has a 12-month low of $30.59 and a 12-month high of $57.09.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Thursday, January 19th. The financial services provider reported $0.71 EPS for the quarter, meeting the consensus estimate of $0.71. PacWest Bancorp had a net margin of 31.11% and a return on equity of 7.81%. During the same quarter in the prior year, the company earned $0.70 earnings per share. On average, equities analysts expect that PacWest Bancorp will post $3.05 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 28th. Shareholders of record on Tuesday, February 21st will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, February 16th. This represents a $2.00 annualized dividend and a yield of 3.58%. PacWest Bancorp’s dividend payout ratio is currently 68.97%.
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PACW has been the subject of a number of recent analyst reports. FBR & Co reaffirmed a “buy” rating and set a $62.00 price target on shares of PacWest Bancorp in a report on Friday, January 20th. FIG Partners increased their price objective on PacWest Bancorp from $56.00 to $60.50 and gave the company an “outperform” rating in a research report on Friday, January 20th. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 21st. Finally, Raymond James Financial, Inc. started coverage on PacWest Bancorp in a research report on Tuesday, December 6th. They issued an “outperform” rating and a $57.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. PacWest Bancorp currently has an average rating of “Buy” and a consensus target price of $53.00.
In other news, Director John M. Eggemeyer III sold 10,000 shares of the company’s stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $51.63, for a total transaction of $516,300.00. Following the completion of the transaction, the director now directly owns 197,940 shares in the company, valued at $10,219,642.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Barry C. Fitzpatrick sold 15,000 shares of the company’s stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $53.84, for a total transaction of $807,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,124 shares of company stock valued at $2,442,303. Company insiders own 1.43% 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. 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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