Canada Pension Plan Investment Board Acquires 16,500 Shares of PacWest Bancorp (PACW)
Canada Pension Plan Investment Board raised its holdings in shares of PacWest Bancorp (NASDAQ:PACW) by 69.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,200 shares of the financial services provider’s stock after purchasing an additional 16,500 shares during the period. Canada Pension Plan Investment Board’s holdings in PacWest Bancorp were worth $2,031,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in PACW. Ffcm LLC grew its position in shares of PacWest Bancorp by 172.7% during the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 1,516 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of PacWest Bancorp by 12.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock worth $193,000 after acquiring an additional 468 shares during the last quarter. Creative Planning grew its position in shares of PacWest Bancorp by 17.3% during the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 613 shares during the last quarter. Raymond James Trust N.A. bought a new position in shares of PacWest Bancorp during the third quarter worth about $211,000. Finally, Investment Counselors of Maryland LLC grew its position in shares of PacWest Bancorp by 4.1% during the second quarter. Investment Counselors of Maryland LLC now owns 4,806 shares of the financial services provider’s stock worth $224,000 after acquiring an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 82.93% of the company’s stock.
Several equities analysts have recently commented on the stock. SunTrust Banks, Inc. restated a “hold” rating and set a $49.00 price target on shares of PacWest Bancorp in a research report on Thursday, October 12th. Zacks Investment Research lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. UBS AG lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. Finally, Raymond James Financial, Inc. lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating and set a $55.00 price target for the company. in a research report on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $53.00.
In related news, CFO Patrick J. Rusnak acquired 2,000 shares of PacWest Bancorp stock in a transaction that occurred on Thursday, October 19th. The stock was acquired at an average price of $46.92 per share, with a total value of $93,840.00. Following the completion of the acquisition, the chief financial officer now directly owns 77,852 shares of the company’s stock, valued at approximately $3,652,815.84. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
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Shares of PacWest Bancorp (NASDAQ PACW) opened at $45.16 on Friday. The firm has a market cap of $5,822.75, a PE ratio of 15.21, a P/E/G ratio of 1.52 and a beta of 1.60. PacWest Bancorp has a 1-year low of $43.08 and a 1-year high of $57.53. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million during the quarter, compared to the consensus estimate of $281.14 million. PacWest Bancorp had a net margin of 30.80% and a return on equity of 7.87%. During the same quarter in the prior year, the company posted $0.77 earnings per share. analysts forecast that PacWest Bancorp will post 2.96 EPS for the current fiscal year.
PacWest Bancorp announced that its Board of Directors has authorized a share buyback 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Monday, November 20th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.43%. The ex-dividend date is Friday, November 17th. PacWest Bancorp’s payout ratio is currently 67.34%.
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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