Martingale Asset Management L P Has $2.93 Million Holdings in PacWest Bancorp (PACW)
Martingale Asset Management L P cut its position in shares of PacWest Bancorp (NASDAQ:PACW) by 86.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,752 shares of the financial services provider’s stock after selling 417,517 shares during the period. Martingale Asset Management L P owned approximately 0.05% of PacWest Bancorp worth $2,931,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Ffcm LLC raised its stake in 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 purchasing an additional 1,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in 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 purchasing an additional 468 shares during the period. Creative Planning raised its stake in 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 purchasing an additional 613 shares during the period. Koch Industries Inc. purchased a new position in PacWest Bancorp during the first quarter worth about $231,000. Finally, First Interstate Bank raised its stake in PacWest Bancorp by 10.4% during the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 410 shares during the period. 88.75% of the stock is currently owned by institutional investors.
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PACW has been the topic of a number of analyst reports. FBR & Co set a $55.00 target price on shares of PacWest Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 19th. Stephens reaffirmed a “buy” rating and set a $56.00 target price on shares of PacWest Bancorp in a research note on Friday, July 14th. ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. DA Davidson raised shares of PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a research note on Thursday, September 7th. Finally, Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and three have assigned a strong buy rating to the stock. PacWest Bancorp presently has an average rating of “Buy” and an average target price of $54.73.
Shares of PacWest Bancorp (PACW) opened at 45.68 on Monday. The stock has a 50 day moving average of $45.79 and a 200-day moving average of $48.81. The stock has a market capitalization of $5.48 billion, a P/E ratio of 15.77 and a beta of 1.59. PacWest Bancorp has a 1-year low of $41.10 and a 1-year high of $57.53.
PacWest Bancorp (NASDAQ:PACW) last announced 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. The business had revenue of $277.76 million for the quarter, compared to analyst estimates of $272.57 million. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. During the same period in the prior year, the firm posted $0.68 EPS. Equities research analysts predict that PacWest Bancorp will post $2.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, August 21st were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.38%. PacWest Bancorp’s payout ratio is currently 68.97%.
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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