PacWest Bancorp (NASDAQ:PACW) Shares Bought by Investment Counselors of Maryland LLC
Investment Counselors of Maryland LLC increased its position in PacWest Bancorp (NASDAQ:PACW) by 4.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,806 shares of the financial services provider’s stock after buying an additional 190 shares during the period. Investment Counselors of Maryland LLC’s holdings in PacWest Bancorp were worth $224,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Creative Planning raised its stake in PacWest Bancorp by 94.2% in the first quarter. Creative Planning now owns 3,544 shares of the financial services provider’s stock worth $189,000 after buying an additional 1,719 shares during the period. Charter Trust Co. raised its stake in PacWest Bancorp by 0.8% in the second quarter. Charter Trust Co. now owns 4,757 shares of the financial services provider’s stock worth $222,000 after buying an additional 38 shares during the period. Oakbrook Investments LLC bought a new stake in PacWest Bancorp during the first quarter worth about $229,000. Koch Industries Inc. bought a new stake in PacWest Bancorp during the first quarter worth about $231,000. Finally, First Interstate Bank raised its stake in PacWest Bancorp by 10.4% in the first quarter. First Interstate Bank now owns 4,360 shares of the financial services provider’s stock worth $232,000 after buying an additional 410 shares during the period. 86.46% of the stock is owned by institutional investors and hedge funds.
PacWest Bancorp (NASDAQ:PACW) opened at 48.26 on Monday. The company has a market cap of $5.79 billion, a price-to-earnings ratio of 16.66 and a beta of 1.58. PacWest Bancorp has a 12 month low of $40.14 and a 12 month high of $57.53. The company’s 50-day moving average is $47.52 and its 200 day moving average is $50.91.
PacWest Bancorp (NASDAQ:PACW) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping 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 firm had revenue of $277.76 million during the quarter, compared to the consensus estimate of $272.57 million. During the same quarter in the prior year, the firm posted $0.68 EPS. Equities analysts forecast that PacWest Bancorp will post $2.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, August 21st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Thursday, August 17th. PacWest Bancorp’s dividend payout ratio (DPR) is currently 68.97%.
A number of research firms have recently issued reports on PACW. Zacks Investment Research lowered shares of PacWest Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. BMO Capital Markets reissued a “hold” rating and issued a $55.00 price target on shares of PacWest Bancorp in a research report on Friday, May 26th. Piper Jaffray Companies increased their price target on shares of PacWest Bancorp from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 11th. ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $55.00 price objective on shares of PacWest Bancorp in a research report on Tuesday, April 18th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $55.60.
In other PacWest Bancorp news, Director Craig A. Carlson sold 1,081 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $47.16, for a total transaction of $50,979.96. Following the completion of the transaction, the director now owns 6,273 shares of the company’s stock, valued at approximately $295,834.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.98% of the company’s stock.
About PacWest Bancorp
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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