BlueMountain Capital Management LLC purchased a new stake in PacWest Bancorp (NASDAQ:PACW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 32,069 shares of the financial services provider’s stock, valued at approximately $1,498,000.
Several other institutional investors and hedge funds also recently bought and sold shares of PACW. Canada Pension Plan Investment Board boosted its stake in shares of PacWest Bancorp by 167.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,100 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 5,700 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in PacWest Bancorp by 3.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 70,685 shares of the financial services provider’s stock valued at $3,762,000 after buying an additional 2,540 shares during the last quarter. Swiss National Bank raised its holdings in PacWest Bancorp by 0.4% in the 1st quarter. Swiss National Bank now owns 188,760 shares of the financial services provider’s stock valued at $10,053,000 after buying an additional 800 shares during the last quarter. World Asset Management Inc raised its holdings in PacWest Bancorp by 1.6% in the 1st 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 during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings in PacWest Bancorp by 6.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 69,907 shares of the financial services provider’s stock valued at $3,723,000 after buying an additional 4,427 shares during the last quarter. Institutional investors own 88.75% of the company’s stock.
Shares of PacWest Bancorp (PACW) opened at 47.32 on Wednesday. PacWest Bancorp has a 52-week low of $41.10 and a 52-week high of $57.53. The company has a 50-day moving average of $45.74 and a 200 day moving average of $48.57. The firm has a market cap of $5.68 billion, a P/E ratio of 16.34 and a beta of 1.59.
PacWest Bancorp (NASDAQ:PACW) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. The business had revenue of $277.76 million during the quarter, compared to the consensus estimate of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same quarter in the prior year, the company earned $0.68 earnings per share. On average, equities analysts expect that PacWest Bancorp will post $2.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Monday, August 21st were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.23%. PacWest Bancorp’s dividend payout ratio (DPR) is 68.97%.
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A number of brokerages recently issued reports on PACW. SunTrust Banks, Inc. began coverage on shares of PacWest Bancorp in a report on Friday, August 18th. They issued a “hold” rating and a $49.00 price objective for the company. BidaskClub lowered shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Wedbush reiterated a “neutral” rating and issued a $49.00 price objective on shares of PacWest Bancorp in a report on Tuesday, June 27th. BMO Capital Markets reiterated a “hold” rating and issued a $55.00 price objective on shares of PacWest Bancorp in a report on Friday, May 26th. Finally, FBR & Co set a $55.00 price objective on shares of PacWest Bancorp and gave the company a “buy” rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $54.73.
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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