Public Employees Retirement Association of Colorado Reduces Stake in PacWest Bancorp (PACW)
Public Employees Retirement Association of Colorado cut its position in PacWest Bancorp (NASDAQ:PACW) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 287,392 shares of the financial services provider’s stock after selling 2,406 shares during the quarter. Public Employees Retirement Association of Colorado owned 0.22% of PacWest Bancorp worth $14,516,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ffcm LLC grew its stake in shares of PacWest Bancorp by 172.7% in the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after buying an additional 1,516 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in PacWest Bancorp by 12.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 468 shares during the period. Creative Planning boosted its holdings in PacWest Bancorp by 17.3% in the second quarter. Creative Planning now owns 4,157 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 613 shares during the period. Raymond James Trust N.A. purchased a new position in PacWest Bancorp in the third quarter valued at $211,000. Finally, Charter Trust Co. boosted its holdings in PacWest Bancorp by 0.8% in the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock valued at $222,000 after purchasing an additional 38 shares during the period. 87.58% of the stock is owned by institutional investors and hedge funds.
Shares of PacWest Bancorp (NASDAQ PACW) opened at $47.52 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.15. PacWest Bancorp has a fifty-two week low of $41.28 and a fifty-two week high of $57.53. The stock has a market capitalization of $5.70 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 1.60 and a beta of 1.60.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, beating the 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 company had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. During the same quarter last year, the business earned $0.77 earnings per share. sell-side analysts predict that PacWest Bancorp will post 2.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 20th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 17th. This represents a $2.00 annualized dividend and a dividend yield of 4.21%. PacWest Bancorp’s payout ratio is currently 67.57%.
A number of research firms recently issued reports on PACW. FBR & Co set a $55.00 target price on PacWest Bancorp and gave the company a “buy” rating in a report on Wednesday, July 19th. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $49.00 target price on shares of PacWest Bancorp in a report on Thursday, October 12th. Zacks Investment Research lowered PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 13th. BidaskClub lowered PacWest Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Finally, UBS Group AG (USA) lowered PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $53.00.
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In other news, CFO Patrick J. Rusnak purchased 2,000 shares of the company’s stock in a transaction on Thursday, October 19th. The shares were bought at an average price of $46.92 per share, for a total transaction of $93,840.00. Following the completion of the purchase, the chief financial officer now owns 77,852 shares of the company’s stock, valued at $3,652,815.84. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.98% of the stock is currently owned by company 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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