Mesirow Financial Investment Management Equity Management Has $1.39 Million Stake in PacWest Bancorp (PACW)
Mesirow Financial Investment Management Equity Management boosted its position in PacWest Bancorp (NASDAQ:PACW) by 43.3% during the second quarter, Holdings Channel reports. The firm owned 29,755 shares of the financial services provider’s stock after buying an additional 8,990 shares during the period. Mesirow Financial Investment Management Equity Management’s holdings in PacWest Bancorp were worth $1,391,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in PACW. Nationwide Fund Advisors boosted its stake in PacWest Bancorp by 0.7% in the first quarter. Nationwide Fund Advisors now owns 224,539 shares of the financial services provider’s stock worth $11,959,000 after buying an additional 1,524 shares during the period. CAPROCK Group Inc. boosted its position in PacWest Bancorp by 8.0% in the first quarter. CAPROCK Group Inc. now owns 7,481 shares of the financial services provider’s stock valued at $398,000 after buying an additional 557 shares during the last quarter. State of Alaska Department of Revenue boosted its position in PacWest Bancorp by 7.0% in the first quarter. State of Alaska Department of Revenue now owns 10,310 shares of the financial services provider’s stock valued at $549,000 after buying an additional 670 shares during the last quarter. Oakbrook Investments LLC bought a new position in PacWest Bancorp during the first quarter valued at approximately $229,000. Finally, Nisa Investment Advisors LLC boosted its position in PacWest Bancorp by 0.7% in the first quarter. Nisa Investment Advisors LLC now owns 81,090 shares of the financial services provider’s stock valued at $4,319,000 after buying an additional 590 shares during the last quarter. 86.46% of the stock is currently owned by institutional investors and hedge funds.
PacWest Bancorp (NASDAQ PACW) opened at 47.16 on Thursday. The stock has a 50 day moving average of $47.38 and a 200 day moving average of $50.71. PacWest Bancorp has a 52 week low of $40.60 and a 52 week high of $57.53. The firm has a market cap of $5.66 billion, a PE ratio of 16.28 and a beta of 1.58.
PacWest Bancorp (NASDAQ:PACW) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.06. The firm had revenue of $277.76 million during the quarter, compared to analysts’ expectations of $272.57 million. PacWest Bancorp had a return on equity of 7.73% and a net margin of 30.61%. During the same period in the previous year, the business posted $0.68 EPS. Analysts anticipate that PacWest Bancorp will post $2.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, August 21st will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, August 17th. This represents a $2.00 annualized dividend and a yield of 4.24%. PacWest Bancorp’s dividend payout ratio is currently 68.97%.
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Several equities analysts have commented on the stock. BMO Capital Markets reissued a “hold” rating and set a $55.00 target price on shares of PacWest Bancorp in a research note on Friday, May 26th. ValuEngine raised shares of PacWest Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $55.00 target price on shares of PacWest Bancorp in a research note on Tuesday, April 18th. Stephens reissued a “buy” rating and set a $56.00 target price on shares of PacWest Bancorp in a research note on Friday, July 14th. Finally, Piper Jaffray Companies lowered their target price on shares of PacWest Bancorp from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and three have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $55.60.
In other PacWest Bancorp news, Director Craig A. Carlson sold 1,081 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 6,273 shares of the company’s stock, valued at approximately $295,834.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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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