1st Global Advisors Inc. Has $242,000 Stake in PacWest Bancorp (PACW)
1st Global Advisors Inc. grew its stake in PacWest Bancorp (NASDAQ:PACW) by 3.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,180 shares of the financial services provider’s stock after acquiring an additional 169 shares during the period. 1st Global Advisors Inc.’s holdings in PacWest Bancorp were worth $242,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC acquired a new stake in PacWest Bancorp in the 2nd quarter valued at about $108,636,000. Principal Financial Group Inc. lifted its stake in PacWest Bancorp by 112.6% in the 2nd quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after purchasing an additional 1,789,571 shares during the last quarter. State Street Corp lifted its stake in PacWest Bancorp by 15.0% in the 2nd quarter. State Street Corp now owns 5,909,084 shares of the financial services provider’s stock valued at $275,951,000 after purchasing an additional 771,015 shares during the last quarter. Vanguard Group Inc. lifted its stake in PacWest Bancorp by 6.3% in the 1st quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock valued at $527,062,000 after purchasing an additional 583,193 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in PacWest Bancorp by 233.1% in the 2nd quarter. Prudential Financial Inc. now owns 605,314 shares of the financial services provider’s stock valued at $28,268,000 after purchasing an additional 423,590 shares during the last quarter. Institutional investors own 88.75% of the company’s stock.
Several equities research analysts recently issued reports on PACW shares. FBR & Co set a $55.00 target price on shares of PacWest Bancorp and gave the company a “buy” rating in a research note on Wednesday, July 19th. BidaskClub downgraded shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Wedbush reiterated a “neutral” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research note on Tuesday, June 27th. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. Finally, SunTrust Banks, Inc. reiterated a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a research note on Thursday, October 12th. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $53.00.
Shares of PacWest Bancorp (PACW) opened at 47.99 on Friday. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The firm’s 50-day moving average is $47.50 and its 200 day moving average is $47.81. The firm has a market capitalization of $5.83 billion, a P/E ratio of 16.21 and a beta of 1.62.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. The firm had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. During the same period in the prior year, the firm earned $0.77 EPS. On average, equities research analysts anticipate that PacWest Bancorp will post $2.98 EPS for the current year.
In related news, CFO Patrick J. Rusnak bought 2,000 shares of PacWest Bancorp stock in a transaction dated Thursday, October 19th. The stock was purchased at an average cost of $46.92 per share, with a total value of $93,840.00. Following the transaction, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.98% of the stock is owned by corporate insiders.
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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