Eagle Asset Management Inc. Has $1.16 Million Position in PacWest Bancorp (PACW)

Eagle Asset Management Inc. decreased its position in shares of PacWest Bancorp (NASDAQ:PACW) by 3.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,749 shares of the financial services provider’s stock after selling 810 shares during the period. Eagle Asset Management Inc.’s holdings in PacWest Bancorp were worth $1,155,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of PACW. BlackRock Inc. lifted its position in PacWest Bancorp by 8,223.2% during the first quarter. BlackRock Inc. now owns 13,143,190 shares of the financial services provider’s stock valued at $700,008,000 after acquiring an additional 12,985,280 shares during the last quarter. Principal Financial Group Inc. lifted its position in PacWest Bancorp by 112.6% during the second quarter. Principal Financial Group Inc. now owns 3,379,025 shares of the financial services provider’s stock valued at $157,801,000 after acquiring an additional 1,789,571 shares during the last quarter. Vanguard Group Inc. lifted its position in PacWest Bancorp by 6.3% during 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 acquiring an additional 583,193 shares during the last quarter. Prudential Financial Inc. lifted its position in PacWest Bancorp by 233.1% during the second quarter. Prudential Financial Inc. now owns 605,314 shares of the financial services provider’s stock valued at $28,268,000 after acquiring an additional 423,590 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in PacWest Bancorp by 133.9% during the first quarter. Renaissance Technologies LLC now owns 425,653 shares of the financial services provider’s stock valued at $22,670,000 after acquiring an additional 243,700 shares during the last quarter. 90.18% of the stock is owned by institutional investors.

PacWest Bancorp (NASDAQ:PACW) opened at 44.88 on Tuesday. PacWest Bancorp has a 12-month low of $41.10 and a 12-month high of $57.53. The firm has a 50 day moving average of $46.17 and a 200-day moving average of $49.03. The stock has a market cap of $5.39 billion, a PE ratio of 15.50 and a beta of 1.59.

PacWest Bancorp (NASDAQ:PACW) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.06. PacWest Bancorp had a net margin of 30.61% and a return on equity of 7.73%. The business 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 EPS. On average, analysts expect that PacWest Bancorp will post $2.95 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, August 21st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.46%. The ex-dividend date was Thursday, August 17th. PacWest Bancorp’s payout ratio is 68.97%.

A number of research firms recently commented on PACW. SunTrust Banks, Inc. began coverage on shares of PacWest Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $49.00 target price for the company. BidaskClub raised shares of PacWest Bancorp from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. BMO Capital Markets reissued a “hold” rating and set a $55.00 target price on shares of PacWest Bancorp in a research report on Friday, May 26th. ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Stephens reissued a “buy” rating and set a $56.00 target price on shares of PacWest Bancorp in a research report on Friday, July 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. PacWest Bancorp currently has a consensus rating of “Buy” and a consensus target price of $54.17.

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

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