Vanguard Group Inc. Increases Stake in PacWest Bancorp (PACW)
Vanguard Group Inc. raised its stake in PacWest Bancorp (NASDAQ:PACW) by 4.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,434,652 shares of the financial services provider’s stock after buying an additional 374,174 shares during the period. Vanguard Group Inc. owned 7.01% of PacWest Bancorp worth $335,530,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Fund Advisors boosted its position in shares of PacWest Bancorp by 111.8% in the first quarter. BlackRock Fund Advisors now owns 8,331,277 shares of the financial services provider’s stock valued at $309,507,000 after buying an additional 4,397,698 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of PacWest Bancorp during the second quarter valued at about $27,931,000. State Street Corp boosted its position in shares of PacWest Bancorp by 15.0% in the first quarter. State Street Corp now owns 5,247,497 shares of the financial services provider’s stock valued at $194,939,000 after buying an additional 682,679 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of PacWest Bancorp by 119.1% in the second quarter. Victory Capital Management Inc. now owns 1,251,024 shares of the financial services provider’s stock valued at $49,766,000 after buying an additional 680,018 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of PacWest Bancorp by 30.9% in the second quarter. Ameriprise Financial Inc. now owns 2,803,858 shares of the financial services provider’s stock valued at $111,540,000 after buying an additional 662,207 shares in the last quarter. 92.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PacWest Bancorp (NASDAQ:PACW) opened at 43.34 on Friday. PacWest Bancorp has a one year low of $29.05 and a one year high of $48.00. The company has a market cap of $5.22 billion, a PE ratio of 16.12 and a beta of 1.64. The stock’s 50 day moving average is $42.67 and its 200-day moving average is $40.38.
PacWest Bancorp (NASDAQ:PACW) last issued its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. PacWest Bancorp had a return on equity of 7.57% and a net margin of 29.59%. During the same period in the previous year, the firm earned $0.70 EPS. Equities research analysts expect that PacWest Bancorp will post $2.86 earnings per share for the current year.
Several research analysts have recently issued reports on PACW shares. BMO Capital Markets restated a “hold” rating on shares of PacWest Bancorp in a report on Thursday, July 7th. FBR & Co restated an “outperform” rating and issued a $46.00 target price (down previously from $48.00) on shares of PacWest Bancorp in a report on Monday, July 18th. DA Davidson cut shares of PacWest Bancorp from a “buy” rating to a “neutral” rating and set a $45.00 target price on the stock. in a report on Monday, July 18th. They noted that the move was a valuation call. Zacks Investment Research cut shares of PacWest Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. Finally, JMP Securities began coverage on shares of PacWest Bancorp in a report on Friday, September 16th. They issued an “outperform” rating and a $48.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. PacWest Bancorp presently has a consensus rating of “Hold” and a consensus price target of $45.43.
In other news, Director Daniel B. Platt sold 2,550 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $42.18, for a total transaction of $107,559.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Kori Ogrosky sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $41.07, for a total value of $82,140.00. Following the sale, the executive vice president now directly owns 42,283 shares in the company, valued at $1,736,562.81. The disclosure for this sale can be found here. Insiders own 1.43% of the company’s stock.
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. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California.
Receive News & Ratings for PacWest Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PacWest Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.