PacWest Bancorp (PACW) Position Cut by Frontier Capital Management Co. LLC

Frontier Capital Management Co. LLC cut its stake in shares of PacWest Bancorp (NASDAQ:PACW) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 687,910 shares of the financial services provider’s stock after selling 9,271 shares during the period. Frontier Capital Management Co. LLC owned about 0.57% of PacWest Bancorp worth $36,638,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Chesley Taft & Associates LLC raised its position in shares of PacWest Bancorp by 0.6% in the first quarter. Chesley Taft & Associates LLC now owns 17,825 shares of the financial services provider’s stock valued at $949,000 after buying an additional 100 shares in the last quarter. World Asset Management Inc raised its position in shares of PacWest Bancorp by 1.6% in the first quarter. World Asset Management Inc now owns 7,432 shares of the financial services provider’s stock valued at $396,000 after buying an additional 118 shares in the last quarter. Denver Investment Advisors LLC raised its position in shares of PacWest Bancorp by 0.5% in the first quarter. Denver Investment Advisors LLC now owns 38,343 shares of the financial services provider’s stock valued at $2,042,000 after buying an additional 181 shares in the last quarter. First Allied Advisory Services Inc. increased its stake in PacWest Bancorp by 5.5% in the fourth quarter. First Allied Advisory Services Inc. now owns 5,763 shares of the financial services provider’s stock valued at $314,000 after buying an additional 298 shares during the last quarter. Finally, First Interstate Bank increased its stake in PacWest Bancorp by 8.2% in the fourth quarter. First Interstate Bank now owns 3,950 shares of the financial services provider’s stock valued at $215,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 88.33% of the company’s stock.

Institutional Ownership by Quarter for PacWest Bancorp (NASDAQ:PACW)

PacWest Bancorp (NASDAQ:PACW) opened at 47.81 on Thursday. PacWest Bancorp has a one year low of $35.56 and a one year high of $57.53. The stock has a 50 day moving average of $49.69 and a 200-day moving average of $52.71. The company has a market cap of $5.66 billion, a price-to-earnings ratio of 17.08 and a beta of 1.51.

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 the Zacks’ consensus estimate of $0.72 by $0.07. PacWest Bancorp had a net margin of 31.11% and a return on equity of 7.81%. The firm had revenue of $267.57 million for the quarter, compared to the consensus estimate of $272.30 million. During the same quarter last year, the firm earned $0.74 EPS. On average, equities analysts predict that PacWest Bancorp will post $2.85 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 22nd will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend is Thursday, May 18th. PacWest Bancorp’s payout ratio is presently 68.97%.

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PACW has been the subject of several recent research reports. Zacks Investment Research raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Thursday, March 23rd. Raymond James Financial, Inc. raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating and set a $63.00 target price for the company in a research report on Thursday, April 6th. Citigroup Inc raised shares of PacWest Bancorp from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, April 6th. Piper Jaffray Companies boosted their target price on shares of PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 11th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $55.00 target price on shares of PacWest Bancorp in a research report on Tuesday, April 18th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $55.22.

In other PacWest Bancorp news, CEO Matthew P. Wagner bought 2,072 shares of the company’s stock in a transaction on Wednesday, April 19th. The shares were bought at an average cost of $47.75 per share, for a total transaction of $98,938.00. Following the acquisition, the chief executive officer now directly owns 528,934 shares in the company, valued at $25,256,598.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Patrick J. Rusnak bought 2,000 shares of the company’s stock in a transaction on Wednesday, April 19th. The shares were acquired at an average price of $47.75 per share, for a total transaction of $95,500.00. Following the completion of the acquisition, the chief financial officer now owns 81,349 shares in the company, valued at $3,884,414.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 4,572 shares of company stock worth $218,398. Company insiders own 1.43% of the company’s stock.

About PacWest Bancorp

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.

12 Month Chart for NASDAQ:PACW

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