68,243 Shares in PacWest Bancorp (PACW) Acquired by Airain ltd
Airain ltd bought a new stake in shares of PacWest Bancorp (NASDAQ:PACW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 68,243 shares of the financial services provider’s stock, valued at approximately $3,187,000. Airain ltd owned about 0.06% of PacWest Bancorp as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Creative Planning raised its position in shares of PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock worth $189,000 after buying an additional 1,719 shares during the period. Capstone Asset Management Co. raised its position in shares of PacWest Bancorp by 5.2% in the first quarter. Capstone Asset Management Co. now owns 9,078 shares of the financial services provider’s stock worth $483,000 after buying an additional 450 shares during the period. Oakbrook Investments LLC acquired a new position in shares of PacWest Bancorp during the first quarter worth about $229,000. Nationwide Fund Advisors raised its position in shares of PacWest Bancorp by 0.7% in the first quarter. Nationwide Fund Advisors now owns 224,539 shares of the financial services provider’s stock worth $11,959,000 after buying an additional 1,524 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of PacWest Bancorp by 1.8% in the first quarter. Russell Investments Group Ltd. now owns 533,759 shares of the financial services provider’s stock worth $28,429,000 after buying an additional 9,392 shares during the period. 90.19% of the stock is owned by institutional investors.
Shares of PacWest Bancorp (NASDAQ PACW) opened at 45.43 on Tuesday. The firm has a market cap of $5.45 billion, a P/E ratio of 15.69 and a beta of 1.58. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The stock’s 50 day moving average price is $46.93 and its 200-day moving average price is $49.89.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. The company had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. During the same period in the prior year, the company posted $0.68 earnings per share. Equities research analysts anticipate that PacWest Bancorp will post $2.95 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, August 21st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.40%. The ex-dividend date is Thursday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is presently 68.97%.
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PACW has been the subject of a number of recent analyst reports. BidaskClub lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. FBR & Co set a $55.00 price objective on PacWest Bancorp and gave the stock a “buy” rating in a report on Wednesday, July 19th. Wedbush reissued a “neutral” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a report on Tuesday, June 27th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $55.00 price objective on shares of PacWest Bancorp in a report on Friday, May 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company. PacWest Bancorp currently has a consensus rating of “Buy” and an average target price of $54.27.
In other news, Director Craig A. Carlson sold 1,081 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $47.16, for a total transaction of $50,979.96. Following the completion of the sale, the director now directly owns 6,273 shares in the company, valued at $295,834.68. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.98% 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. 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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