Channing Capital Management LLC lowered its position in PacWest Bancorp (NASDAQ:PACW) by 50.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 173,207 shares of the financial services provider’s stock after selling 176,537 shares during the period. Channing Capital Management LLC owned 0.14% of PacWest Bancorp worth $8,089,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in PACW. CAPROCK Group Inc. boosted its stake in PacWest Bancorp by 8.0% in the first quarter. CAPROCK Group Inc. now owns 7,481 shares of the financial services provider’s stock worth $398,000 after buying an additional 557 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of PacWest Bancorp by 7.0% in the first quarter. State of Alaska Department of Revenue now owns 10,310 shares of the financial services provider’s stock worth $549,000 after buying an additional 670 shares during the period. Oakbrook Investments LLC acquired a new position in shares of PacWest Bancorp during the first quarter worth about $229,000. Nisa Investment Advisors LLC raised its position in shares of PacWest Bancorp by 0.7% in the first quarter. Nisa Investment Advisors LLC now owns 81,090 shares of the financial services provider’s stock worth $4,319,000 after buying an additional 590 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of PacWest Bancorp by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 30,300 shares of the financial services provider’s stock worth $1,614,000 after buying an additional 600 shares during the period. 86.46% of the stock is currently owned by institutional investors.
Shares of PacWest Bancorp (PACW) traded down 0.61% during midday trading on Friday, hitting $45.29. 661,090 shares of the company’s stock traded hands. The company has a 50 day moving average of $47.34 and a 200 day moving average of $50.62. PacWest Bancorp has a 52 week low of $40.60 and a 52 week high of $57.53. The stock has a market cap of $5.44 billion, a P/E ratio of 15.64 and a beta of 1.58.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.06. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. The company had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. During the same quarter in the prior year, the business posted $0.68 earnings per share. On average, equities analysts forecast that PacWest Bancorp will post $2.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, August 21st will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, August 17th. This represents a $2.00 annualized dividend and a yield of 4.42%. PacWest Bancorp’s dividend payout ratio is currently 68.97%.
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A number of equities analysts have recently issued reports on PACW shares. Zacks Investment Research upgraded shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 22nd. ValuEngine upgraded shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Stephens restated a “buy” rating and set a $56.00 target price on shares of PacWest Bancorp in a research report on Friday, July 14th. BidaskClub lowered shares of PacWest Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $55.00 target price on shares of PacWest Bancorp in a research report on Tuesday, April 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the stock. PacWest Bancorp currently has a consensus rating of “Buy” and an average target price of $55.60.
In related news, Director Craig A. Carlson sold 1,081 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was 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 of the company’s stock, valued at $295,834.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.98% of the company’s stock.
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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