PacWest Bancorp (PACW) Position Raised by Vaughan Nelson Investment Management L.P.
Vaughan Nelson Investment Management L.P. increased its stake in PacWest Bancorp (NASDAQ:PACW) by 20.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,302,520 shares of the financial services provider’s stock after buying an additional 220,275 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in PacWest Bancorp were worth $60,827,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in PacWest Bancorp by 8,223.2% in the first quarter. BlackRock Inc. now owns 13,143,190 shares of the financial services provider’s stock valued at $700,008,000 after buying an additional 12,985,280 shares in the last quarter. Vanguard Group Inc. increased its stake in PacWest Bancorp by 6.3% in the first quarter. Vanguard Group Inc. now owns 9,896,031 shares of the financial services provider’s stock valued at $527,062,000 after buying an additional 583,193 shares in the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in PacWest Bancorp during the first quarter valued at $19,338,000. First Trust Advisors LP increased its stake in PacWest Bancorp by 61.5% in the first quarter. First Trust Advisors LP now owns 817,847 shares of the financial services provider’s stock valued at $43,559,000 after buying an additional 311,314 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in PacWest Bancorp by 133.9% in the first quarter. Renaissance Technologies LLC now owns 425,653 shares of the financial services provider’s stock valued at $22,670,000 after buying an additional 243,700 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.
Shares of PacWest Bancorp (PACW) opened at 46.29 on Monday. PacWest Bancorp has a 12-month low of $40.00 and a 12-month high of $57.53. The stock has a market capitalization of $5.48 billion, a P/E ratio of 16.53 and a beta of 1.58. The stock has a 50 day moving average of $47.51 and a 200 day moving average of $52.07.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by $0.07. PacWest Bancorp had a net margin of 30.38% and a return on equity of 7.52%. The firm had revenue of $267.57 million during the quarter, compared to analysts’ expectations of $272.30 million. During the same quarter last year, the business earned $0.74 earnings per share. Equities research analysts anticipate that PacWest Bancorp will post $2.83 EPS for the current fiscal year.
Several analysts have weighed in on PACW shares. Stephens raised shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a research report on Monday, April 24th. Piper Jaffray Companies upped their price objective on shares of PacWest Bancorp from $62.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, April 11th. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Thursday, March 23rd. FBR & Co reaffirmed an “outperform” rating and issued a $55.00 price objective (down from $62.00) on shares of PacWest Bancorp in a report on Monday, April 17th. Finally, Raymond James Financial, Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a report on Thursday, April 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company’s stock. PacWest Bancorp has a consensus rating of “Buy” and a consensus target price of $54.64.
In other news, CFO Patrick J. Rusnak acquired 2,000 shares of the stock in a transaction that occurred on Wednesday, April 19th. The shares were purchased at an average cost of $47.75 per share, for a total transaction of $95,500.00. Following the transaction, the chief financial officer now directly owns 81,349 shares in the company, valued at approximately $3,884,414.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig A. Carlson sold 1,081 shares of PacWest Bancorp 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 transaction, the director now owns 6,273 shares in the company, valued at $295,834.68. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 4,572 shares of company stock worth $218,398. 0.98% of the stock is currently owned by insiders.
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 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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