Jane Street Group LLC acquired a new stake in PacWest Bancorp (NASDAQ:PACW) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,055 shares of the financial services provider’s stock, valued at approximately $558,000.
Other institutional investors have also recently made changes to their positions in the company. Ffcm LLC grew its stake in PacWest Bancorp by 172.7% in the second quarter. Ffcm LLC now owns 2,394 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 1,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PacWest Bancorp by 12.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,132 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 468 shares during the period. Raymond James Trust N.A. purchased a new position in shares of PacWest Bancorp during the third quarter valued at approximately $211,000. CIBC Asset Management Inc purchased a new position in shares of PacWest Bancorp during the third quarter valued at approximately $213,000. Finally, 1st Global Advisors Inc. boosted its position in shares of PacWest Bancorp by 3.4% during the second quarter. 1st Global Advisors Inc. now owns 5,180 shares of the financial services provider’s stock valued at $242,000 after buying an additional 169 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.
PACW has been the topic of several analyst reports. Piper Jaffray Companies reaffirmed a “buy” rating and set a $54.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 19th. DA Davidson raised PacWest Bancorp from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Thursday, September 7th. ValuEngine cut PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research raised PacWest Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $49.00 target price on shares of PacWest Bancorp in a research report on Thursday, October 12th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $52.73.
Shares of PacWest Bancorp (NASDAQ PACW) opened at $48.27 on Friday. The company has a market capitalization of $6,059.98, a price-to-earnings ratio of 15.82, a P/E/G ratio of 1.57 and a beta of 1.59. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $57.53. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.09. The business had revenue of $273.07 million for the quarter, compared to analyst estimates of $281.14 million. PacWest Bancorp had a return on equity of 7.87% and a net margin of 30.80%. During the same period last year, the company posted $0.77 earnings per share. analysts anticipate that PacWest Bancorp will post 3 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 30th. Investors of record on Monday, November 20th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, November 17th. This represents a $2.00 dividend on an annualized basis and a yield of 4.14%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 67.34%.
PacWest Bancorp announced that its Board of Directors has approved a share buyback program on Thursday, November 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
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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 October 23, 2017, the Bank offered a range of loan and deposit products and services through 83 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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