Richard Bernstein Advisors LLC maintained its position in PacWest Bancorp (NASDAQ:PACW) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,756 shares of the financial services provider’s stock at the end of the second quarter. Richard Bernstein Advisors LLC’s holdings in PacWest Bancorp were worth $1,763,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PACW. BlackRock Inc. raised its position 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 worth $700,008,000 after buying an additional 12,985,280 shares during the period. Vanguard Group Inc. raised its position 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 worth $527,062,000 after buying an additional 583,193 shares during the period. First Trust Advisors LP raised its position 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 worth $43,559,000 after buying an additional 311,314 shares during the period. Renaissance Technologies LLC raised its position 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 worth $22,670,000 after buying an additional 243,700 shares during the period. Finally, Monarch Partners Asset Management LLC purchased a new position in PacWest Bancorp during the first quarter worth approximately $12,225,000. Hedge funds and other institutional investors own 88.07% of the company’s stock.
PacWest Bancorp (PACW) opened at 43.64 on Tuesday. PacWest Bancorp has a 12 month low of $41.10 and a 12 month high of $57.53. The stock has a market cap of $5.24 billion, a PE ratio of 15.07 and a beta of 1.58. The company’s 50 day moving average is $47.10 and its 200 day moving average is $50.09.
PacWest Bancorp (NASDAQ:PACW) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $272.57 million. During the same quarter last year, the company earned $0.68 earnings per share. On average, analysts anticipate that PacWest Bancorp will post $2.95 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, August 21st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend is Thursday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is currently 68.97%.
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A number of analysts have recently issued reports on the stock. Stephens raised shares of PacWest Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, April 24th. BidaskClub downgraded shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research raised shares of PacWest Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 22nd. FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the stock a “buy” rating in a report on Wednesday, July 19th. Finally, Wedbush reaffirmed a “neutral” rating and set a $49.00 price objective on shares of PacWest Bancorp in a report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $55.00.
In other PacWest Bancorp news, Director Craig A. Carlson sold 1,081 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total value of $50,979.96. Following the completion of the sale, the director now owns 6,273 shares of the company’s stock, valued at $295,834.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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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